great interest rate
not haunted
no cockroaches
used to it.
stuff is here
near kids
temecula values will go up imo
safe
reasons to go
sick of it all
take cash and buy a cheap place outright and work less
temecula is ridiculous and bad for bicycles
is this reallly where i will die???[/quote]
Rent out your current place and use the rental income to pay for your next place.
Then again, that up to $500k capital gains exemption is nice 🙂
Or, if you plan to stay in CA, you could could wait until you are 55 before you sell and buy another place, and then have your cake and eat it too….You can get your $500k capital gains exemption and also transfer your property tax base from your old place to the new place. God, I love Prop 13 and Prop 60 and Prop 90.
Prop 13: cap on property tax
Prop 60: preservation of property tax base for 55+
Prop 90: allows intra-county transfers (IE between Riverside and San Diego ,etc)
There’s other things you can do… You can convert it to a rental…Then get all of your depreciation deductions while a rental…Then you could 1031 exchange it to another property, and then convert the new property back into your primary….And while technically you need to deal with depreciation recapture on the % of the home that was used as rental, you don’t need to deal with it until you sell your house again..And if you live in that new home for a long time as a primary, the percentage used to calculate rental and depreciation is small because it will be weighted base on time of use as a rental versus as a primary residence… None of this matters, if you end up dying in your new home and leave it to your kids…Because when that happens, all your depreciation recapture gets wiped clean and your kids gets a “step up” cost basis when they inherit your house, so their capital gains will be determined based on the value of the house the day they inherited it, not the cost you paid for it…
Oh, and they get to keep your property tax basis too if you stay in CA. Thank you Prop 58!!!
And with the recent changes to inheritance tax, your kids property won’t need to pay any…at least up to $22 million for a couple I think…
Welcome to the envy club. You got your house at at a really good price. And at least for now, you live in a state that is very pro property owners, especially when they get older. You have a lot of options to skin the cat and work the system…
People complaining about taxes in CA probably aren’t property owners…lol…
