[scalise71]

as rich mentioned the first 500k is exempt from cap gains if married,250k if single,but this is not a primary residence so there might be an issue there,i agree.talk to a tax advisor.

This is only correct if it is your residence.

 

[cv67]

If he sold doesnt he have to reinvest in 2 yrs to avoid Cap gains or is that a Ca only thing?

 

[Jim Mac]

thanks for the offer on the cpa, 1850 sf 3 bedroom 2 bath, 2 car garage, 12x12 work shop out back, 10x10 she shed detached 1400 a month. if you go to a realtor site and look at what houses in sierra vista sell for, it's amazing that 70 miles the home prices drop 30 percent.
the property management guy is also a realtor, said the asking price for my moms house would be 250k and negotiate down from there. The house has a new roof 10 years ago, new waterheater, ac, heater in the last 6 years.
I believe the house has a reset from when we inherited it that's the new baseline, then we get to pay taxes on what it went up from there. so if the house was worth 200k when we inherited it and sold it for 230k subtract what we put into it and get taxed on the balance. jim

 

[cv67]

Ah ok.1400 a month, wow. Id be in paradise with a workshop!

Everyone that got evicted from LA after this (covid moratorium thing was lifted) has moved into this valley (Hemet, San Jacinto). Population is exploding and has almost doubled rents. Unfortunately the wrong types are showing up and bringing that ghetto attitude with them. Never thought things would get pricy here.