Profile picture for raomister

House Selling in California

I recently bought a primary house (less than 1 year back) and need to sell it.  If I take a loss on the house ($35K after sales commission and closing cost) and buy a new house within 30 days, can I carry that loss on the new house.  The buying and selling of the house will be in california. 

I was told alternate way is to rent the house for 6 months and take capital gain loss. 

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July 06 2010 - Central Davis
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Profile picture for sunnyview
This question was first posted in 2010. Is the market in Davis higher or lower since then?
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October 04 2011
Property values in Central Davis are fairly good  these days - perhaps a rental would be a safe bet (depending upon the amount of rent you will charge).  I agree a good tax accountant would be your best resource as this will end up a tax question when all is done.
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October 04 2011
If you are being transferred, ask your tax person if there are any provisions for that.
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July 07 2010
Profile picture for Mr Caveat
just a heads up, if you took the govt incentive, you need to pay back the 6500 or 8k(whichever program you applied for)

oh, and good luck selling! hope you do better than the rest of CA
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July 07 2010
Try using a flat fee agent

Times are tough and some agents are so desperate they will list your home for a few hundred bucks

I found this website:[link removed by moderator]

It said you can post for as low as $69 on Realtor.com.  Seems like a good deal.
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July 07 2010

Most of the time it is to your advantage to hold the required amount of time to file and use Capital Gains tax to your advantage.

Seems like your basis will follow you to the next house.

If you are way younger than 55 taking the loss might work.


Good Luck!

James Callas - Realtor®
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July 06 2010
 
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October 04 2011 | 6 answers
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