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Updated about 3 years ago on . Most recent reply

User Stats

6
Posts
1
Votes
Sam Y.
  • Los Angeles, CA
1
Votes |
6
Posts

eligibility requirement- change rental to owner occupy to sell

Sam Y.
  • Los Angeles, CA
Posted

I have a condo that I want to sell.  Owned more than 5 years, never owner occupied.  I want to claim the condo as my primary residence and keep current residence as a second/vacation home.  

Reading publication 523- Selling your home.  There are eligibility requirements- 

"The more of these factors that are true of a home, the more likely that it is your main home.

  • The address listed on your:
    1. U.S. Postal Service address,
    2. Voter Registration Card,
    3. Federal and state tax returns, and
    4. Driver's license or car registration.
  • The home is near:
    1. Where you work,
    2. Where you bank,
    3. The residence of one or more family members, and
    4. Recreational clubs or religious organizations of which you are a member."

Has anyone gone thru this- sold a converted rental to main residence while maintaining more than 1 property and provide some insight/experience?  I will have 2 homes for the next 2 years and split living in both.  

Since I will be owning and maintaining both properties, I will have utilities/bills going to each respective properties.  

How much proof is required and who determines it? I can change my driver's license/registration, voter registration and change property tax to go to condo- is that enough?  

Also, property tax.  Just paid for both last month.  I did take the exemption for the property I'm currently living in.  It looks like I missed out for this year for the condo, might that delay meeting the eligibility requirements?  I will document the date the condo is converted from rental to owner occupied for tax filing purposes.  

"Homeowners' Exemption

The California Constitution provides a $7,000 reduction in the taxable value for a qualifying owner-occupied home. The home must have been the principal place of residence of the owner on the lien date, January 1st.

To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. The claim form, BOE-266, Claim for Homeowners' Property Tax Exemption, is available from the county assessor.

A person filing for the first time on a property may file anytime after the property or claimant becomes eligible, but no later than February 15 to receive the full exemption for that year."

Thanks!

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