Might leave CA
11-23-2020 | 02:19 PM
#41
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From: On the way to a PR near you
It's true but also relative. If you have a million in equity in your Ca. house, it's not so bad. I don't think some realize how crazy prices are in California, especially any city that's remotely close to the ocean. City next to us is a no-thrills, basic 200k population city that sits near the coast. Sits between L.A. and Santa Barbara. a 1400 square foot house, 3 bed, 2 bath, 2 car garage on 6k sqft lot, no frills basic house 10 miles from the harbor and beach is going for 595k! So, when you're talking to people that are moving from Ca. to the midwest and saying prices are crazy, again, it's all relative.
Smart thing to do is sell house in Ca. move to LOTO and rent until the market comes down. Then you'd be way ahead.
Smart thing to do is sell house in Ca. move to LOTO and rent until the market comes down. Then you'd be way ahead.
11-23-2020 | 02:52 PM
#42
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From: Channel Islands, So. Cal.
11-23-2020 | 04:33 PM
#44
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Joined: Mar 2020
Posts: 920
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From: Central Louisiana
The capital gain may not be that much. Depends on what he paid for it and $250k of that gain may not be taxable. In my humble opinion. I will gladly pay tax on money I made then write off money I lost.
11-23-2020 | 05:44 PM
#45
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often its not as cheap as the interweb says but how is the property tax rate at loto and what is the property insurance situation at loto? some states have a huge property tax rate, hello texas and some have a huge insurance rate, hello florida. that you can really get bit on.
11-24-2020 | 12:20 AM
#46
Charter Member # 55
Joined: Oct 2000
Posts: 20,241
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From: Omaha/LOTO
Thanks for all the input. I had taken a quick look at TR a while back, but didn’t see any lakefront homes “with” personal dock in front of home.
I like the idea of lots going on around me, but away from all the wakes hitting the dock.
I noticed several homes for sale in Camdenton, but this area seems away from all the action?
By the way, I may be from CA but not a Dem!
I like the idea of lots going on around me, but away from all the wakes hitting the dock.
I noticed several homes for sale in Camdenton, but this area seems away from all the action?
By the way, I may be from CA but not a Dem!
11-24-2020 | 12:25 AM
#47
Charter Member # 55
Joined: Oct 2000
Posts: 20,241
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From: Omaha/LOTO
Capital Gains on a Home Sale
A home used as your principal residence gets special capital gains tax treatment upon sale if certain requirements are met. That special treatment means that you can exclude from taxation up to $250,000 in gains ($500,000 if you're married filing jointly).To qualify for that exclusion, the following must be true:
- You've owned the home for two of the last five years.
- You used the home as your principal residence for two of the last five years.
- You haven't used the exclusion on another property sale within the last two years.
11-24-2020 | 09:50 AM
#49
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From: Channel Islands, So. Cal.
I've been corrected. Has to be spent the year you sell. So, have to buy or pay...Or in this case probably both still. Since you'd be looking to buy a house worth less than the one you're leaving in CA.
Last edited by thisistank; 11-24-2020 at 10:50 AM.
11-24-2020 | 12:22 PM
#50
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Yes, but I believe you can hold off on paying the capital gains for up to 2 years. So you cold rent in that two years before getting dinged.
I've been corrected. Has to be spent the year you sell. So, have to buy or pay...Or in this case probably both still. Since you'd be looking to buy a house worth less than the one you're leaving in CA.
I've been corrected. Has to be spent the year you sell. So, have to buy or pay...Or in this case probably both still. Since you'd be looking to buy a house worth less than the one you're leaving in CA.
