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Hi I spoke to a lawyer today about our house in California. My mom inherited the house with her sister about five years ago. We bought out her sisters half of the house for 150K in cash. So my mom inherited the other half of the house her half was valued at 150K. Now we want to sell this house and buy rental properties, the house is worth about 400k now. Before we were told that if my mom lived there two of the last five years as her primary residence that she would not have to pay capital gains taxes when she sold it. But today the lawyer said although that was true, if we want to sell it and buy rental properties we would have to pay a second type of tax ( the first tax we would avoid would be federal tax the second tax is county tax? ). He also said that if we want to buy investment property with it we should rent it out for a little while then sell it and then do a 1031 exchange to buy other rental property. He said that is the only way to avoid capital gains tax AND property tax (he seemed to think there were two different things. One federal tax and the other a County tax- we live in Orange County CA) Is this true. I thought that if it is my mom's primary residence for two of the last five years AND her inheritance that she could just sell the house and do whatever she wanted with the proceeds (like buying rental properties) Why the need for a 1031 exchange?
You are correct in that if your mother sells her home now, as long as she has owned and lived in it for two of the last five years, she will owe zero capital gains tax on the home. California follows the same exclusion, so there is no state tax. Orange County does not have a capital gains tax. It may have a property transfer tax. You do not need a Section 1031 exchange. This section is for income-producing property. It does not avoid taxes, it only defers them. This contrasts with the tax-free proceeds you are allowed when you sell your principal residence. You would lose this exclusion if you converted your residence to an income property. Selling the residence and taking the tax-free proceeds to purchase income properties sounds like a much better idea.
You are correct on all counts, except the Fed wouldn't allow it because it would still have to loan the government the money they needed to operate and then lose the extra money the tax payer pays in. Another way is to change the tax code and go to a flat tax across the board. If we had a flat tax rate at of 17 to 22% on all income with no deductions, they would make more money than they do now, with the middle income people carrying the load. The state didn't have a state income tax when I lived there in the '80's and through sales and tourist tax only they had some of the best roads and schools, fire and police and reserves than any other state, proving that a state does not need the income tax. Just before I moved to Texas, I lived in Kentucky and they had income tax and the same sales tax as Texas but had some of the lesser kept up roads and nearly no reserves. This proves that an income tax is the lesser part of a revenue base.
A residence does not qualify for 1031 tax treatment if your mother owned this residence 5 yrs she is eligible for the capital gains exclusion, that would probably mean she would have no income tax to pay when she sells the house if she uses the money to buy rental property she is certainly entitled to use the money any way she chooses a second kind of tax? property taxes are not a 'second' kind of tax, they go along with any property someone owns, whether it is a rental or used as a residence she might lose her Prop 13 status by buying a rental property, rather than buying another residence
Main home primary residence for a single taxpayer the LTCG exclusion amount would be 250000 free of the FIT during the 2014 tax filing season for 2013 tax year Central Point when the 2 year out of 5 year rule has been met for this purpose. Maybe the lawyer was talking about the local property tax amounts at that time and then again they might have some other amount of a county tax at that time in that area of the country OK. So just SELL it and then you she can do what ever she does want to choose to do with proceeds from the sale of the home after that time in her life RIGHT. Hope that you find the above enclosed information useful. 09/20/2013
A 1031 exchange would not apply if the property is not already a rental. Converting it to a rental can cause mom to lose the federal exclusion on the capital gains. Your lawyer is trying to delay state income tax on the gain. Probably by charging your mother more in fees than she would owe.
You can't avoid property tax. If your mother lived in the home for 2 of the last 5 years, she avoids capitol gains taxes if she profits less than $250K. That seems to be the case.