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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
Fort Wayne,
I don’t know your personal situation, but there are a few ways to strategize your situation.
Let’s say you bought your house for $200k. It’s now worth $1M. You qualify for $500k exclusion so your tax liability is on $300k net gains after the exclusion and your cost basis.
Assume you own it free and clear. I’d do a $500k cash out refinance. It’s tax-free and you use it however you like.
Rent the house out for a year or two while you live at your new location. If everything is cozy, sell the former house then, pay off $500k loan so you only have $500k to 1031 exchange into the next asset(s).
If you want, you can 1031 exchange into something would you move-in and live “forever” or at a later date.
After the 1031 exchange, rent it out for a year or so. Then you can legally move-in to that house. However, since it’s a rental before a primary, the “new exclusion” will be prorated. Let’s say you live there for 9 years and it was rente...
Bless their Poor Pitiful Hearts.
https://www.msn.com/en-us/news/us/fremont-landlord-says-tenant-who-owes-101k-is-using-covid-laws-to-avoid-eviction/ar-AAVZrGb?ocid=msedgntp&cvid=eee6c8a15c4f40e298ca49fc858d5c04&source=patrick.net
As I mentioned previously, our PM company manages almost 100 units for us.
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i can afford either option. highly tempted to just sell and not have mortgage on new place.