All Forum Posts by: Chris Ng

Yes, you need to file a specific form (can't remember the number now) as part of your tax return EVERY year until you sell or step up gain. But that's to the FTB not IRS. If you ever missed one year they will assume you have sold it and send you a tax bill. I just went through this with my accountant. 

It's kind of strange that you said you have 55 days to purchase. Normally, you have 45 days to identify your properties and 180 days to close. If you haven't close escrow yet, perhaps ask for an extension to buy yourself more time? But obviously that depends on the buyer willing to cooperate. 

You can exchange each property into multiple DSTs, I think subject to some exchange rules. The gain of each DST can be kept well below 500k.

The government pushing a lot of people into buying homes they otherwise couldn't afford. What could go wrong? Oh yeah, we have all seen that happened before.

BTW, when the government co-owns homes with private individuals, it is a step towards socialism. It's exactly what they did in Communist China. As far as I know, they don't even do that any more.

@Ahmed Megahed Not yet, an off-market buyer backed out the last minute, and I've been busy selling another property.

They are popular among Asians. There are a lot of them here in SoCal.

@Nancy Bachety Thanks, will do.

@Chris Mury Thanks, I'll send PM shortly.

What kind of returns do you get in Amelia Island and St. Augustine? I'll be moving to that area soon and will be very interested in those 2 places. 

Yup, San Diego has changed so much since I moved here some 20 years ago, and definitely not for the better. Leftist politics have pretty much worked more or less in similar ways for decades. Unfortunately, many are OK with it until they fall into the wrong "class". It's almost literally history repeating itself but people will blame others for it. 

Anyways, I've had a good ride here, but it's easy to see that it will only get worse from here. Too bad, I really enjoy the weather here, well, at least when the wild fire isn't coming, and many other things. 

@Connor Nellans Thanks for the input. I'm not sure if I'd call it luxury style but I think the location is very good... obviously I'm a little biased though.