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#1
02-23-2005, 04:14 AM
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 Re: Retaining the tax basis of a home "Kompu Kid" <deguza[at]hotmail.com> wrote: - quote - > A colleague is trying to retain the tax basis of his home.
No idea what you're talking about. If you sell it, its> If he were to buy a property with similar value to what he > sold can he retain the basis? He is in California's Santa > Clara county. > Are there any resources (tax guides, etc.) to determine what > the possibilities are? If he needed professional advice, > would it be a tax attorney that he needs to consult? > Here are the details: > Pursuant to a collaborative divorce agreement he sold his > home for $500K and him and his ex-wife made around $125K, > which I understand is not going to be taxable. > The basis on the house he sold was around $300K, $150K of it > being his. > I remember another colleague retaining his basis when he > sold his home and bought a similarly priced one here in > Santa Clara county California. gone. The property, the basis, the kitchen sink, and the dog if you forget to take him with you. You don't "retain" basis on a personal residence. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-23-2005, 03:17 AM
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| Re: Retaining the tax basis of a home Kompu Kid wrote: - quote - > A colleague is trying to retain the tax basis of his home.
There two CA state propositions that may be of use if the> If he were to buy a property with similar value to what he > sold can he retain the basis? He is in California's Santa > Clara county. > Are there any resources (tax guides, etc.) to determine what > the possibilities are? If he needed professional advice, > would it be a tax attorney that he needs to consult? > Here are the details: > Pursuant to a collaborative divorce agreement he sold his > home for $500K and him and his ex-wife made around $125K, > which I understand is not going to be taxable. > The basis on the house he sold was around $300K, $150K of it > being his. > I remember another colleague retaining his basis when he > sold his home and bought a similarly priced one here in > Santa Clara county California. person is at least age 55: Proposition 60 and 90. Prop 60 is for sales and purchases in the same county. Prop 90 is for a county to county transfer. See the following link at the Santa Clara County Assessor's Office for more information. http://tinyurl.com/58esc -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-21-2005, 07:45 AM
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| Retaining the tax basis of a home A colleague is trying to retain the tax basis of his home. If he were to buy a property with similar value to what he sold can he retain the basis? He is in California's Santa Clara county. Are there any resources (tax guides, etc.) to determine what the possibilities are? If he needed professional advice, would it be a tax attorney that he needs to consult? Here are the details: Pursuant to a collaborative divorce agreement he sold his home for $500K and him and his ex-wife made around $125K, which I understand is not going to be taxable. The basis on the house he sold was around $300K, $150K of it being his. I remember another colleague retaining his basis when he sold his home and bought a similarly priced one here in Santa Clara county California. Deguza << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| basis, home, retaining, tax |
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