All Forum Posts by: N/A N/A

Keeping the house and renting it out was just a thought since it's paid off. Here in California, married, you don't pay any taxes on capital gains up to $500,000 (250k single) if you live in the house 2 out of the last 5 years.

Property taxes in California are not based on what you paid for the house anymore. I've bought 2 houses here in CA, both taxed on accessors apraisal which was way above purchace price.

Thought of another question.
I've lived in my house for 3 years (California), plan on moving to another house soon and was thinking about renting this one out. If I rent it out longer than 3 years then I have to pay tax on 400k current price capital gains since I bought the house dirt cheap from my grandparents. Would there be any legal issues if I was to sell my house to my sister-in-law for $100 bucks then rebuy it back to avoid paing the taxes on the big gain i've had so far?
Thanks,
Mike

Hi guys, new here, can't wait to start reading through everything.
Question: I'm currently an investor on a 17 unit condo development in Glendale California. I'm a silent parter and have 400k in the project and am expecting about a 200% return. My plan is to take my initial investment of 400k and pay off my loan. If I were to rollover 600k into a 1031 exchange (to build mor condos), and take 200k out and use it as a downpayment on a small apartment complex, would iI have to pay capital gains on the 200k since its not a 1031 exchange (not simalar investment)?
Many thanks,
Mike.