There are two possibilities when selling a home: selling your primary residence or selling a rental property. You can exclude up to $500,000 of capital gains ($250,000 if single) on the sale of a primary residence as long as you meet certain residency rules. The sale of a rental property also incurs capital gains, but the exclusion does not apply. In addition, if you have depreciated your rental property over the years, the total amount of depreciation taken is taxed at your ordinary income tax rate, not the more favorable long-term capital gains tax rates.  Of course, there are nuances within each scenario, but the best approach is to talk to your financial advisor before actually selling the property to discuss tax minimization strategies and how to best structure the deal.

ACap’s Founder & President, Ara Oghoorian is a regular guest on the Your Money show with Kent Smetters, airing on Sirius XM Channel 111, Business Radio powered by The Wharton School. Ara was recently on the show in April, answering financial questions from callers. Stream the full episode below:

Highly-Rated Los Angeles Certified Financial Planner (CFP®) and CPA Named a Director of San Fernando Valley Community Bank

LOS ANGELES--April 12, 2018--Ara Oghoorian, CFA, CFP®, CPA, and President of financial planning and wealth management firm ACap Asset Management, Inc., has been elected to the Board of Directors of Mission Valley Bancorp & Bank in Sun Valley, California, effective March 27, 2018.

As your business grows, it's important to consider what employee-benefits you can and should offer. In this free financial webinar, we are joined by Amy Evans of Colibri Insurance Services to discuss the best strategies for group health insurance coverage for small businesses.

ACap Asset Management has been ranked a Top 10 Best Financial Planning / Wealth Management Firm in Los Angeles for 2018 by AdvisoryHQ, marking the second year in a row we have made the list. AdvisoryHQ, an independent financial review company, has highlighted some of the factors why our “boutique focus on physicians & medical professionals,” earned a top-rating of 5 in their full review. Below is an excerpt of our ranking and AdvisortHQ’s research methodology.

Are you properly insured? With the recent fires, mudslides, earthquakes, and hurricanes affecting the nation, it may be time to revisit your coverage options and see what you can do to be better protected.

How will the new tax law affect you? Congress passed and the President signed the biggest tax legislation since the 1986 Reagan Tax cuts. If you want to know the specifics behind this monumental tax law and how it will impact you, join us for a webinar where we will go through some of the major provisions that impact most taxpayers, especially in high income tax and real estate costs states like California.

The 2017 deadline for self-employed individuals to fund their Individual 401k accounts is 12/31/2017. As a reminder, the maximum amount that can be contributed to the 401k as an employee is $18,000 for 2017 ($24,000 if age 50 or older).

The Senate passed their version of the massive tax bill late Friday night while Americans were asleep. By now you’ve heard about the passage of the Tax Cuts and Jobs Act by the House of Representatives last month. On Monday, the House and the Senate will come together to reconcile their differences to present a final bill for President Trump to sign into law. The biggest difference and what will become most contested is the individual mandate of the Affordable Care Act (Obamacare), which requires taxpayers to buy health insurance or pay a fine. What eventually becomes law is unknown, but the table below will help compare how the current tax rules differ under the bills passed by the House and the Senate.