atkinson40
New Member
- Jurisdiction
- California
Does prop 13 tax base preservation only work on a principle residence?
I want to move from my current residence back into a rental for at least 2 years to take advantage of the $500K capital gain exclusion on the rental.
While I am living in the rental I may prepare and sell my current residence and take advantage of the above exclusion on it also. I have lived here the required 2 out of 5 years to do this.
If I buy a new house can I transfer the prop 13 base from the house I now live in to the new property? Or not because I will be living in the rental and claiming it as my new residence.
Or must I wait to buy a new property until I sell the rental and use its prop 13 base for the new house.
Thanks. Kevin
I want to move from my current residence back into a rental for at least 2 years to take advantage of the $500K capital gain exclusion on the rental.
While I am living in the rental I may prepare and sell my current residence and take advantage of the above exclusion on it also. I have lived here the required 2 out of 5 years to do this.
If I buy a new house can I transfer the prop 13 base from the house I now live in to the new property? Or not because I will be living in the rental and claiming it as my new residence.
Or must I wait to buy a new property until I sell the rental and use its prop 13 base for the new house.
Thanks. Kevin