All Forum Posts by: PK Adi

 Even after I complete the 5 years of the 2/5 rule?

One of my friend says, if I don’t sell the house before the 5th year, I’ll have to pay taxes for all the gains and there is no $500K excemption.

Is that true?

Hi, 

I bought a house in 2018 in San Diego and then moved out of state for job reasons in 2022. So basically, I will complete the 2 out of 5 rule in 2025. Can someone help me understand the tax implications if I sell the property before completing the 5 years and after 5 years. 
My tax status is married and joint filing.
Thanks in advance.

Thanks Nathan. Where can I find the CA laws/section that can support that tenant is responsible and the minimum notice period the tenant need to serve?

Hi,

My tenant signed an year lease for the period 07/01/2023-06/30/2024 but gave me a lease termination notice on 07/23/2023 without moving in stating financial reasons. They want to terminate the lease on 07/31/2023.
They are expecting their security deposit back.
Is there a law in California that mandates a minimum period for the notice, like 30 days? If such a clause exists, can you please share the links that supports it?

Thanks in advance.

Hi,

Can we add an addendum for a 1 year lease in CA to make the tenant responsible for the rent payment till the landlord finds a new tenant, 
if the tenant wants to terminate the lease early?

Thanks,

PK

Hi,

One of my property leases has the following statement in the addendum for early lease termination.

"All Rent and additional Rent due through the Early Termination date". 

What does that mean?

If the tenant is exercising the early lease, will they be responsible for the remaining months rent (till end of the lease) or till the day they are vacating? 

Please clarify.

Thanks,

PK

My tenant got a new job in Austin and he wants to terminate the lease early. He leased the condo just 3 months ago. Even my previous tenant terminated the lease early due to his personal reasons with his girl friend.

But as a new landlord( less than an year), I am going through the hassle of re-listing the unit, secure a tenant and return the deposit to the tenant.

Is there any clause in California, that can help the landlords like holding part/full of the security deposit for early termination by tenant? Because I remember paying my apartment 1 month rent(in addition to 1 month notice) when I had to terminate my contract but I don't see such clause in the rental agreement.

@Corby Goade, Great inputs. But I didnt quite get how depreciation applies here since the property will appreciate over time.

Thanks Dan Heuschele. Appreciate your inputs.