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.

home selling tips

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

Kitchen Remodel Ideas for the Ventura Home Seller

Every day, we seem to hear something new about COVID-19. Currently, all city-sponsored events involving more than 250 people gathered at one place at one time are put on indefinite hold. Ventura USD schools are shut down until April 10th. Some restaurants and other businesses find themselves closing due to lack of business or as a precautionary measure. While the March 21st Mermaid Meet & Greet appears to still be taking place, the parade has been canceled. (To keep up with current COVID-19 info, check-in on the City’s website daily. If you find yourself at home for an extended period of time and want to get your property ready to sell, it might be worth your while to consider putting some of these kitchen remodel ideas to good use.

If you find yourself practicing social distancing in the upcoming weeks & need to get your Ventura home ready to sell, consider implementing some of these kitchen remodel ideas.

Kitchen Remodel Ideas

Cabinet Color Change

Search Ventura County homes for saleOne of the kitchen remodel ideas to start off with (also one of the easiest) is to paint your cabinets blue. Worry about too drastic of a change? Think about only painting uppers or lowers in a classic blue. Then, use a neutral color for the others. Since you only use a gallon or two for this, make sure it’s a high-quality paint.

Devil’s in the Details

After painting the cabinets, what about the hardware? Adding pulls or knobs to cabinet doors and drawers makes a world of difference in the total look of the kitchen. Chrome, gold, and even white hardware show well against a blue background. White countertops complement blue cabinetry as well. Whether you use quartz, granite or soapstone, a lighter color countertop always pairs well with darker tones.

Bamboo Flooring

Both eco-friendly as aesthetically pleasing, bamboo flooring offers another nice complement to the dark blue cabinets and lighter hardware/countertops. Today’s buyers also want to see eco-conscious choices around the house. So, this is a good one of the kitchen remodel ideas to implement while you practice social distancing.

Greenery

Maybe not a “remodel” idea, but adding greenery to your kitchen enhances its appeal. A small herb garden in the window. Some pretty flowering plants on the counters. Maybe a pilea cadierei for a nice year-round green color. You’d be surprised what how far a few plants go to warm up your kitchen’s interior.

Dave & Pat Zumbrun, your Ventura County real estate specialists

SiteLock