With Propositions 60 and 90, if you are 55 or over you may be able to move to any of 8 counties (i.e. Alameda, El Dorado, Los Angeles, Orange, San Diego, San Mateo, Santa Clara and Ventura) without increasing your basic property tax? With Proposition 58, if you are a parent selling to a child or vica-versa in Silicon Valley the basic property tax basis might be passed on?
Also, up to $500,000 of gain for married couples and $250,000 of gain for singles on the sale of your primary residence may be tax free if you have lived in the home 2 out of the last 5 years (and have not taken this exclusion in the last 2 years)?
Contact us for more information. We look forward to helping you with your real estate questions. |
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