Ventura Real Estate - Homes for Sale in Ventura County - Visit our Website

Dave & Pat Zumbrun

(805) 340-9338

Pat Zumbrun
Broker/Owner-SFR
Email Pat at patz4re@aol.com  
Cell: (805) 340-9338
BRE #01229401


Dave Zumbrun
Broker/Owner-SFR
Email Dave  at zman4re@aol.com
Cell: (805) 340-9339
BRE #01227683

Contact Us

The “Z” Team Featured Listings

Click here to view all "Z" Team Featured Listings for Sale.

Search Ventura Area Homes

Click here to view all "Z" Ventura Area Listings for Sale.

Monthly Archives: January 2021

Tax Deductions for Selling Your Ventura Home

Yes, even during a pandemic, the Ventura County housing market flourished. If you happened to sell your property in 2020, you need to think about how this affects your taxes. Last year, the government delayed our usual tax deadline date until July. However (so far), it appears that this year returns to the normal April 15th deadline. But you can never start preparing too early. To help you out, the following is a list of tax deductions, write-offs, and exemptions you might want to keep in mind for tax day.

Did you sell your Ventura home in 2020? Then you might be eligible for some great tax deductions when you file in 2021.

Tax Deductions for Home Sellers

Selling Costs

Search Ventura County homes for saleYou probably had to come up with some money out of your own pocket/profits in order to sell your Ventura home. These included escrow fees, agent commissions, advertising costs, and possible legal fees. As long as you lived in your home for at least two of the past five years, you may deduct these costs on your taxes. Just make sure they were all associated with the sale of your Ventura home.

Improvements/Repairs

Again, only those improvements and repairs you completed to make your property more marketable will be considered for tax deductions. That includes anything from painting rooms all the way up to totally renovating your kitchen. However, only the costs associated with improving/repairing your property completed within 90 days of your closing date (when you sign your final paperwork and hand over the keys) may be considered for tax deductions.

Property Taxes and Mortgage Interest

When you owned your Ventura home, your mortgage interest and at least a portion (if not all) of your property taxes were allowed to be claimed as tax deductions. The same holds true when you sell. Anything you pay up until the date you sell your home may be used as a tax deduction. For property taxes, anything paid for the year up to $10,000 may be tax-deductible. For mortgage interest, you may deduct any interest paid up to $750,000 of your mortgage debt. However, if you took out your current mortgage before December 15th, 2017, you may deduct the interest paid up to $1,000,000 of your mortgage debt. You must itemize your taxes in order to claim the mortgage interest deduction. Discuss with your tax preparer before filing whether or not itemizing works in your best interest.

Capital Gains Tax Exemption

While technically not a “deduction”, the capital gains tax exemption still works in your favor on your taxes. The difference between what you paid for your Ventura home and what you sold it for is called “capital gains”. Uncle Sam considers this income. Therefore, it is eligible for income tax consideration. However, the law allows you to exclude up to $250,000 in profit for individuals ($500,000 if you are married and filing jointly) from this tax. What does that mean? If you paid $250,000 for your home a few years ago and sold it for $550,000 in 2020, only $50,000 of that is considered “income” for individuals. For married couples, none of it would be considered income. But you must have lived in the home for at least two of the last five years in order to qualify for this capital gains exemption.

Always discuss these tax deductions and exemptions with your tax preparer before filing your taxes. Tax laws change from year to year. They should be aware of all current laws in effect at the time of your filing. Good luck and happy filing.

Dave & Pat Zumbrun, your Ventura County real estate specialists

Preparing for Your First Year of Homeownership

Being a first-time homeowner can be exciting…and a little scary. Anytime anything breaks, no more calling the landlord. You must fix it yourself. Plus, the expense comes out of your pocket. In your first year of homeownership, the learning curve can sometimes be steep. But you will get through it. Find out what to expect when you become a homeowner and how to prepare for it by reading below.

Being a new homeowner is exciting and a little scary. Find out what you can expect to experience during your first year of homeownership.

First Year of Homeownership Expectations

Something Will Break

Search Ventura County homes for saleIt is inevitable. Even owners of newly constructed Ventura homes find themselves fixing something during their first year. It might be something as simple as a doorknob or something more complicated like the air conditioner. The longer we live in a place, the more likely a repair or replacement comes up.

To prepare for your first year of homeownership and reduce your stress, create an emergency fund. Financial experts suggest your “rainy day fund” includes up to six months of mortgage payments, interest, insurance, and taxes. Even if you cannot afford that, start saving up what you can afford. Next, make sure you know where your water and gas shutoff valves are located in case of an emergency. Then, look for professionals you trust to handle electrical, plumbing, and other handyman issues that may reach beyond your skills. Finally, make sure you purchase a home warranty to cover unexpected repairs. Talk to your Ventura real estate agent to see if a home warranty can be included as part of the sale of the house. Even in a seller’s market, the seller might throw this in as a perk.

Hello Junk Mail

Once a bank approves you for a home loan, expect to see a lot of junk mail come your way during your first year of homeownership. While most of it tends to be junk, sometimes you find some pretty valuable deals for things like windows, roofing, landscaping, and flooring. Plus, expect to see refinance offers come pouring in. When you change your address with the post office, they also provide a welcome packet full of helpful information about your community and valuable coupons for moving supplies among other things.

Prepare to Spend Some Money

You just plunked down a nice chunk of change for a downpayment and closing costs on your new Ventura home. But the money train does not stop there. You will spend some money after you move in, too. You might need to buy a lawnmower, rake, and other landscaping implements. If you scuff up the paint or ding the walls during move-in, you will want to fix those when things settle. A good deal of the time, you tend to move from a small apartment to a larger home when you buy your first house. That means more square footage to heat and cool, raising your energy costs. (Perform an energy audit to reduce any extra costs.) With more room comes more furniture and other decorations, too. So, just be ready to dole out more cash once you start to actually live in your new home.

Expect to Boldly Go Where You Might Not Have Thought To Go Before

Finally, it is a good idea to clear out the air ducts and clothes dryer vents. The buildup of lint and debris in these two areas make it harder for their respective systems to work properly. And, unfortunately, people overlook these areas quite often. Plus, this buildup can be flammable, creating a potential fire hazard. While you are at it, change the batteries in your smoke and carbon monoxide detectors. Otherwise, you might get woken up in the middle of the night with an annoyingly grating sound tearing at your eardrums. Because, for some reason, the batteries in these devices only seem to start dying at 2 AM.

Congratulations on the purchase of your very first Ventura home. Do not let these things stress you out. You can handle them, especially if you prepare ahead of time.

Dave & Pat Zumbrun, your Ventura County real estate specialists

SiteLock