I hope that this Holiday season finds you and those you love in good company!
The recent rains give us hope that the drought may be over for California. There is nothing so satisfying as watching the hills turn green at this time of year!
If you are thinking about making a move in the coming year, please contact me so that we can discuss your plans. Besides the obvious concerns about staging or preparing your home for the market, there may be tax considerations which could effect your decisions.
For example, I have a client who decided to buy a property by sheltering proceeds from the sale of a rental she owned. She will eventually live in the new home but she can not move in for two years. Her husband will retire in two years. so we sold the income property last summer and she bought the replacement house as an income property. (Yes, it had to be rented through two tax years but she is sheltering the gain of approximately $300,0000- definitely a worthwhile plan!)
Propositions 60 and 58 can enable you to take your property tax base with you. This can have a huge impact on your housing choices for the future. If you buy first and sell later you must buy across or down in price, but if you sell first you have a 5% leeway for a year and 10 % for the second year. This makes timing important for some people.
I look forward to speaking with you soon!
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