Wondering if anyone has heard about this, any CPA's in here?? : According to my brother, the Governator passed some kind of law that if you sell an investement property with in 2 years of buying it you will now be taxed 3 and 1/3 percent of the purchase price. Can anyone confirm this? Arvin have you heard anything about this? TIA

 

Call up Vince @ Omega Tintwerks ... he will know EVERY detail about tax laws!

 

 

You kidding me?? My brother is trying to confirm this because he's trying to buy an investement property to turn, but won't if this tax is for real.

 

I don't know about any new laws Arnold put up, but if he is purchasing another investment property, there is what is called a 1031 exchange. Tell him to look in to that.

He has to be buying a "like" property, meaning if he has an investment 2br condo he needs to be buying another 2br investment condo not as opposed to a 3 unit complex. Capital gains taxes will then be deferred and his equity will be transferred to the new property.

 

Sounds like "Capital Gains" Tax Law. Per Se: Own house, must live in it 2 years before selling if you don't want to pay capital gains.

 

Hmm... I am in the mortgage bus. I know all about 1031 exchanges. I think my bro is confused. I know about Capital Gains tax law too and that's what I told him he was talking about but he INSISTS there is a new law. I think I give up helping him... he doesn't listen! LOL