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Reply #15: One other factor in Cali [View All]

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Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
slackmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-21-08 03:32 PM
Response to Reply #14
15. One other factor in Cali
A person can, once in a lifetime (after age 55 I believe) carry the tax basis of a primary residence over to a new one.

Example: You bought a house in 1950 and your tax is just $1,500 per year now.

You can sell the old place for any amount, buy another for any amount, and retain the $1,500 tax as your new starting point.
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  -Can anyone explain McCain's property taxes to me? jakem  Aug-21-08 02:26 PM   #0 
  - low property tax rates in Az?  LSK   Aug-21-08 02:27 PM   #1 
  - What about CA?  jakem   Aug-21-08 02:28 PM   #2 
     - 1% of purchase price  Retrograde   Aug-21-08 02:32 PM   #3 
        - so...  jakem   Aug-21-08 02:57 PM   #4 
           - depends on when they bought it  Retrograde   Aug-21-08 03:28 PM   #13 
           - nope.  jakem   Aug-21-08 03:29 PM   #14 
           - One other factor in Cali  slackmaster   Aug-21-08 03:32 PM   #15 
              - I am confused for sure.  jakem   Aug-21-08 03:33 PM   #17 
                 - You can have only one primary residence at any given time  slackmaster   Aug-21-08 03:45 PM   #19 
           - not so long ago, and not so cheap...  jakem   Aug-21-08 03:34 PM   #18 
           - Maybe they just paid the wrong amount for 4 years.  ContinentalOp   Aug-21-08 04:08 PM   #20 
              - Never mind, you were right.  ContinentalOp   Aug-21-08 04:14 PM   #21 
  - Bump, cause I want to know.  jakem   Aug-21-08 03:01 PM   #5 
  - I believe it's becuase they are not his houses  maui9002   Aug-21-08 03:01 PM   #6 
  - property tax has nothing ot do with income...  jakem   Aug-21-08 03:02 PM   #7 
     - If Cindy McCain (or some entity she owns, like a trust) owns the property  maui9002   Aug-21-08 03:14 PM   #8 
  - OK. wtf is this...  jakem   Aug-21-08 03:18 PM   #9 
  - bump. does no one else find this odd?  jakem   Aug-21-08 03:24 PM   #10 
  - Have to know locations and tax rate  peaches2003   Aug-21-08 03:25 PM   #11 
     - San Diego is 1%  jakem   Aug-21-08 03:26 PM   #12 
        - Mine is about 1.1% in San Diego  slackmaster   Aug-21-08 03:32 PM   #16 

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