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You’re not eligible for the $250,000-per-person home sale profit exclusion, and in addition to paying capital gains tax you also face a depreciation recapture tax of 25%.
Under the arcane tax rule of possessory interest, thousands of California tenants in subsidized housing could face individual tax bills upwards of $1,000 a year.
You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
Proposition 13 alters the balance of the housing market because it provides disincentives for selling property, in favor of remaining at the current property and modifying or transferring to family members to avoid a new, higher property tax assessment. [45] [46] Proposition 13 reduces property tax revenue for municipalities in California.
California Senate Bill 1827, the State Income Tax Equity Act, established the requirement that couples registered as California domestic partners file their state income taxes as married couples. It was signed into law on September 29, 2006, by Governor Arnold Schwarzenegger. The bill took effect on January 1, 2007, and only applies to tax ...
The Ellis Act (California Government Code Chapter 12.75) [1] is a 1985 California state law that allows landlords to evict residential tenants to "go out of the rental business" in spite of desires by local governments to compel them to continue providing rental housing.
For sale by owner (FSBO) is the process of selling real estate without the representation of a broker or agent. This is where the homeowner sells directly to a new homeowner. Homeowners may still employ the services of marketing, online listing companies, but can also market their own property.
Taxes come into play almost any time you make money. So, if you make a profit off the sale of your property, you’ll probably run into capital gains tax.For example, if you purchased a property ...