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Aside from the potential income of renting vs selling I would consider it the ultimate vote with your feet to say FU to Newscum and the Nazi rules of CA by selling your place and forgetting you ever gave them your time treasure or talent. When you leave Sodom you don’t look back.
There is absolutely no way I would want to be an absentee landlord anywhere
Then again, CA just extended the eviction moratorium through June.
Downsides are tax issues, renter issues, typical landlord stuff. But it does work out for millions of landlords here so not every story must be a nightmare. Then again, CA just extended the eviction moratorium through June.
When and if u leave California do not leave anything behind (banks accounts etc.) that the state can somehow construe and or twist to claim you are still a resident and come after you for state income tax.
The reason I would not like it is the extra hassle of tax filing, record keeping, property management, etc.
If you’re talking about California, get the fuck out completely or don’t leave is my opinionShaman says
CA just extended the eviction moratorium through June.Patrick says
But that out of state taxation thing would be a deal breaker for me. I would not want to be paying California income tax just for the privilege of owning a rental house here.Ceffer says
Being an absentee landlord across country is PITA time, and you will have to pay local managers who will skin you,clambo says
For clarification, you’re not going to be taxed by California for ALL income if you’re not a resident, rather the income derived from California.
But you can take a year or so to be sure before selling. Because the property you're moving away from has a Prop-13 assessment without which would make returning to California much more difficult. Like cutting a lifeline.
Prop 13 tax basis should be passed on to your children like the heirloom family silverware...A new prop slightly upended Prop 13 inheritance. Now, I think, to inherit the Prop 13 you actually have to live in the house. There was a huge discussion recently on NextDoor about this that ranged the entire spectrum of opinions. Quite entertaining and also a bit scary to hear people's "logic" in some cases.
EBGuy saysProp 13 tax basis should be passed on to your children like the heirloom family silverware...A new prop slightly upended Prop 13 inheritance. Now, I think, to inherit the Prop 13 you actually have to live in the house. There was a huge discussion recently on NextDoor about this that ranged the entire spectrum of opinions. Quite entertaining and also a bit scary to hear people's "logic" in some cases.
A new prop slightly upended Prop 13 inheritance. Now, I think, to inherit the Prop 13 you actually have to live in the house.
Prop 13 tax basis should be passed on to your children like the heirloom family silverware...
I may misunderstand the tax law, but I think if they wanna sell an inherited property the basis is stepped up.I think that's right. The only little wrinkle is if the deceased's net worth was above $10 million. Then things are only partially stepped up? I think that's what you call a "rich person's problem."
Overall, though, this should be helpful to California in bringing more homes to market (and increasing tax revenue).
I may misunderstand the tax law, but I think if they wanna sell an inherited property the basis is stepped up.
Being an out of state landlord with CA property is just setting yourself up for failure (in general). Take the money and run,
I'll say it again: Just GTFO and don't look back!
Cash out now.
I feel like California is going to get hit with a massive earthquake in the near future.
On top of everything else.
I feel like California is going to get hit with a massive earthquakeOnvacation says
Been waiting for the big one
I feel like California is going to get hit with a massive earthquake in the near future.
On top of everything else.
FJB saysbut eventually FL it will be.
For all the people hell bent on moving to Florida have any of you bothered to stay up to date with the price of and availability of home owner's insurance not to mention Hurricane, Tornado, Wind and Flood rider policies nor covered under the basic Homeowners Policy ?
You may not like what you find out or else have some really deep pockets and not file any claims - filling a claim will result in even more pain if your policy even gets renewed.
https://www.abcactionnews.com/news/price-of-paradise/perfect-storm-sending-florida-homeowners-insurance-premiums-through-the-roof?source=patrick.net
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i can afford either option. highly tempted to just sell and not have mortgage on new place.