Originally posted by markseven
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California Real Estate Tax Question
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My previous build (currently E30-less)
http://www.r3vlimited.com/board/showthread.php?t=170390
A 2016 Toyota Tacoma TRD 4x4 Offroad in Inferno is my newest obsession
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Sales taxes on realestate wow!!!!!!Originally posted by FusionIf a car is the epitome of freedom, than an electric car is house arrest with your wife titty fucking your next door neighbor.
The Desire to Save Humanity is Always a False Front for the Urge to Rule it- H. L. Mencken
Necessity is the plea for every infringement of human freedom. It is the argument of tyrants.
William Pitt-
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Originally posted by MR E30 325is View PostThat sounds correct. If you can't do a 1031 exchange (i.e. you don't plan on buying another property with the money made of off the sale of your asset) and you don't fall into either of the two categories you mentioned, its time to pay up.
Here's what is on California Tax Form 593-C, lines 17 and 18:
17 Optional gain on sale withholding amount:
Individual 12.3%
Corporation 8.84%
Bank and Financial Corporation 10.84%
Non-California Partnership 12.3%
S Corporation 13.8%
Financial S Corporation 15.8%
18 Total sales price withholding amount:
3 1/3% (.0333%)I Timothy 2:1-2
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Originally posted by markseven View PostYup! BTW, IIRC, I met you at Bimmerfest the first year it was the Rose Bowl.
Here's what is on California Tax Form 593-C, lines 17 and 18:
17 Optional gain on sale withholding amount:
Individual 12.3%
Corporation 8.84%
Bank and Financial Corporation 10.84%
Non-California Partnership 12.3%
S Corporation 13.8%
Financial S Corporation 15.8%
18 Total sales price withholding amount:
3 1/3% (.0333%)
Thanks for sharing this info. I do buy and hold REI in AZ, so I am not super familiar with CA laws/regulations.
I did just read a story about a flipper in CA that had a squatter living in his property. It took him 5 years, yes, 5 whole years, to get him out of the property. After reading that I am going to give CA a wide berth and invest elsewhere!My previous build (currently E30-less)
http://www.r3vlimited.com/board/showthread.php?t=170390
A 2016 Toyota Tacoma TRD 4x4 Offroad in Inferno is my newest obsession
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Originally posted by MR E30 325is View PostNo shit? Haha that was back in 09 right? I still had my silver E30 at that point.
Originally posted by MR E30 325is View PostThanks for sharing this info. I do buy and hold REI in AZ, so I am not super familiar with CA laws/regulations.
I did just read a story about a flipper in CA that had a squatter living in his property. It took him 5 years, yes, 5 whole years, to get him out of the property. After reading that I am going to give CA a wide berth and invest elsewhere!
We own a rental property in Lake Havasu City; 60% equity in four years. It is out performing the CA house like nobody's business. I think you are targeting the right market.I Timothy 2:1-2
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Originally posted by markseven View PostI loved a lot of things about OC, but the economic climate was too crazy for me. While the heat is nuts in TX and amenities are few, for the most part it is the land of milk and honey. We should have come here years ago.
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Originally posted by markseven View PostIIRC you had just bought the M50-swapped coupe, from San Diego.
I loved a lot of things about OC, but the economic climate was too crazy for me. While the heat is nuts in TX and amenities are few, for the most part it is the land of milk and honey. We should have come here years ago.
We own a rental property in Lake Havasu City; 60% equity in four years. It is out performing the CA house like nobody's business. I think you are targeting the right market.
And good shit!My previous build (currently E30-less)
http://www.r3vlimited.com/board/showthread.php?t=170390
A 2016 Toyota Tacoma TRD 4x4 Offroad in Inferno is my newest obsession
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Can't seem to find the article, but on the front page of one of our local papers today.. Some folks bought acreage out near Dinsmore. (Way out in the hills of Humboldt County).
Bought it 2 years ago for 600k. Got a permit to grow on it. Something like 300+ acres with water rights?
Sold for 8 million.
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I was just talking about this tonight with a friend/coworker who owns a rental home in CA. His monthly rent payment from tenets is $100 less than his mortgage payment, yet he just got informed by the state that they intend to gouge him for 7% of rental "income" on top of the property taxes he already pays. Fuck that statee92 M3
e30 M3 s52 swap
w203 C240 wagon (DD)
190e 5.6 swap (in surgery)
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Originally posted by FLYNAVY View PostI was just talking about this tonight with a friend/coworker who owns a rental home in CA. His monthly rent payment from tenets is $100 less than his mortgage payment, yet he just got informed by the state that they intend to gouge him for 7% of rental "income" on top of the property taxes he already pays.I Timothy 2:1-2
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So let me get this straight they want 7% off the top of a net loss??? Not 7% of any profits????? On top of what I would think is a much larger property tax bill since there is a lack of a homestead exemption since its not your primary residence...... WOW THATS FUCKED UP.
Unless its in an area thats about to explode in terms of desirability and value, I would be ridding my self of that liability in a heart beatOriginally posted by FusionIf a car is the epitome of freedom, than an electric car is house arrest with your wife titty fucking your next door neighbor.
The Desire to Save Humanity is Always a False Front for the Urge to Rule it- H. L. Mencken
Necessity is the plea for every infringement of human freedom. It is the argument of tyrants.
William Pitt-
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Originally posted by markseven View PostThis is exactly our situation. We get $100 less in rent than our impounded mortgage payment, pay the property management company $99 / month, $64 / month for a home warranty policy, and $45 / month for a gardener. Factor in repairs and such, and the 7% rental income tax, it may not be worth it in the long run..."I'd probably take the E30 M3 in this case just because I love that little car, and how tanky that inline 6 is." - thecj
85 323i M TECH 1 S52 - ALPINEWEISS/SCHWARZE
88 M3 - LACHSSILBER/SCHWARZE
89 M3 - ALPINEWEISS II/M TECH CLOTH-ALCANTARA
91 M TECHNIC CABRIO TURBO - MACAOBLAU/M TECH CLOTH-LEATHER
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Originally posted by reelizmpro View PostSo raise the rent?
Not to mention, depending on the lease, you can't simply raise the rent. Especially in CA (very tenant friendly state) dropping bombs on your tenants like higher rent, in the middle of their lease, is not going to fly.My previous build (currently E30-less)
http://www.r3vlimited.com/board/showthread.php?t=170390
A 2016 Toyota Tacoma TRD 4x4 Offroad in Inferno is my newest obsession
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