Author Topic: Real Estate transfer situation  (Read 640 times)

dragonwalker

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Real Estate transfer situation
« on: January 07, 2024, 07:23:23 PM »
My mother is in CA and about 70 she told me she heard of some law for people over 55 to be able to purchase another home and keep the same tax basis as their existing home. Is anyone familiar with this law and if it applies to rental properties? That is if she owns a rental and purchases another rental, she can still somehow keep the same property tax basis as her first rental.

Sandi_k

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Re: Real Estate transfer situation
« Reply #1 on: January 07, 2024, 07:36:15 PM »
It's Prop 19, and only applies to personal residences.

FINate

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Re: Real Estate transfer situation
« Reply #2 on: January 07, 2024, 07:40:23 PM »
Yeah, Prop 19. Personal residence only.

Selling a rental property has additional state and federal tax implications. Consult with a tax professional before doing anything.


 

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