Can I sell my home after getting California Medical benefits?
928726
Go to a Lawyer. Spend a "Few Bucks"\nto get the real answer. Anyone who professes to be a Lawyer on this forum, probably isn't.
528716
Go to your local FHA office, they would know what you can do.
85232
No.  It is a personal use vacation home.  The good of selling your home is the gain on primary residences are not taxed...the bad is losses are not deductible.
797301
if you have lived in the house for 2 of the last 5 years the tax on anything less than $250,000 profit is ZERO. ( $500,000 for a couple)\nif your gain is more than that or you do not qualify, then they charge about 5% on the gain (profit) for poor people and 10% or 15% for others.\nif you have not lived in the house two years, but maybe 6 mo or 1 year, you may qualify for the maximum exclusion rule if there is a good reason for selling and moving. ask tax man to explain it to you.\n maybe they will give you a percentage of the $250,000  exemption pro-rated, say $125,000 for 1 year etc.\n\n if the house is a rental, you can do a 1031 and use the money from it to buy another house. ( then have zero tax to pay now) then after the sale. you can get a loan on the new house to pull out your equity.( not the other way around) check with tax guy for advice. the tax is seferred until you sell without rebuying. or it is waived if you die and pass the house on. that is the best way.
725804
Keep in mind...........\n\nTimes and markets are changing!\n\nIn California with average homes selling well over $500,000, a 20% decline is $100,000! In any market 'timing is everything'! So, could you afford a loss of 25% of your investment all because of poor timing???\n\nThis last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.\n\nFrom 1990 to 1996, the average home in San Diego lost 20% of its' value! The cycle we are now enterng looks like it could well exceed that on the downside!\n\nWith all the 100% financing, interest only loans, EZ qualifing etc...even a slight decline will cause many to be unable to sell for the amount due on their loans!\n\nFor some great 'insider' articles on the San Diego real estate market, which I beli\neve will apply to any of the hot real estate markets of the past five years.....visit:\n\nhttp://www.brokerforyou.com/brokerforyou\n\nhttp://www.downtown-san-diego-real-estate.com/san-diego-real-estate-article-index.htm\n\nhttp://www.brokerforyou.com\n\nhttp://www.san-diego-for-sale-by-owner.com\n\nhttp://www.la-jolla-ca-del-mar-san-diego-real-estate-encinitas-california.us\n\nhttp://www.brokerforyou.com/blogger/index.html\n\nhttp://san-diego-coastal-real-estate.blogspot.com\nhttp://sandiegofsbo.blogspot.com\nhttp://downtown-san-diego-real-estate-views.blogspot.com\nhttp://san-diego-coastal-real-estate.blogspot.com\nhttp://sandiegofsbo.blogspot.com\nhttp://downtown-san-diego-real-estate-views.blogspot.com\nhttp://www.brokerforyou.com/san-diego-real-estate-sales.html\nhttp://www.poway-real-estate.info\nhttp://www.del-mar-real-estate.info\nhttp://www.la-jolla-real-estate.info\nhttp://www.los-angeles-real-estate-brokers.com\nhttp://www.san-jose-real-estate-brokers.com\nhttp://www.orange-county-real-estate-brokers.com\nhttp://www.san-francisco-real-estate-brokers.com\nhttp://www.sacramento-real-estate-broker.com
1120802
If you sell your home in less than two years from date of purchase, you pay a 15% short term capitol gain.\n\nFrom your gross profit, you can deduct all costs related to the sale.\n\nI am with Realty Executives in Phoenix. If you want to contact me I will show you how yo maximize your profits and reduce your tax bill.
631408
You can prorate the $250k gain exclusion if you sold your house because your new job is more than 50 miles from your old home.  \n\nTherefore, since you owned the house for 1 year you can exclude up to $125k of gain.  It does not matter if you buy a new house or not.\n\nBTW, I am a CPA.
1100932
Keep in mind...........\n\nTimes and markets are changing!\n\nIn California with average homes selling well over $500,000, a 20% decline is $100,000! In any market 'timing is everything'! So, could you afford a loss of 25% of your investment all because of poor timing???\n\nThis last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.\n\nFrom 1990 to 1996, the average home in San Diego lost 20% of its' value! The cycle we are now enterng looks like it could well exceed that on the downside!\n\nWith all the 100% financing, interest only loans, EZ qualifing etc...even a slight decline will cause many to be unable to sell for the amount due on their loans!\n\nFor some great 'insider' articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years.....visit:\n\nTimes and markets are changing!\n\nIn California with average homes selling well over $500,000, a 20% decline is $100,000! In any market 'timing is everything'! So, could you afford a loss of 25% of your investment all because of poor timing???\n\nThis last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.\n\nFrom 1990 to 1996, the average home in San Diego lost 20% of its' value! The cycle we are now enterng looks like it could well exceed that on the downside!\n\nWith all the 100% financing, interest only loans, EZ qualifing etc...even a slight decline will cause many to be unable to sell for the amount due on their loans!\n\nFor some great 'insider' articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years.....visit:\n\nhttp://www.downtown-san-diego-real-estate.com/san-diego-real-estate-article-index.htm\nhttp://www.brokerforyou.com\nhttp://www.san-diego-for-sale-by-owner.com\nhttp://www.la-jolla-ca-del-mar-san-diego-real-estate-encinitas-california.us\nhttp://www.brokerforyou.com/blogger/index.html\nhttp://san-diego-coastal-real-estate.blogspot.com\nhttp://sandiegofsbo.blogspot.com\nhttp://downtown-san-diego-real-estate-views.blogspot.com
105542
YES YES YES.  I am a retired California Realtor who was able to retire early thanks to a housing market similar to NY's.  You won't be able to retire off flipping one place, but you'll come out way ahead.  I don't know the specific prices in your market but you might check with my "source".
293025
Ask your insurance agent.  Most sell them
965426
Go to the county office, the county secretary or clerk should be able to help you. They usually have a lot of properties left over after the tax auctions. I'm about to start purchasing some of these homes myself from different counties. I hope this helps you
487244
You may need to talk to your lender who is carrying the note. They may refinance the loan into a no prepayment. Also if the loan has a soft prepayment you can sell the home.
692890
By converting one home to a rental property, you will only lose that tax exemption on the sale of the property ($500 if MFJ or $250 if single).  But the rental property will now get benefits, such as deducting depreciation, repairs, insurance, HOA fees etc that were not deductible before.  The down side is that when you sell this property, you have capital gains issues.  I suggest you consult a tax accountant to learn more about your options,  It will be well worth the fee, beleive me.
1113697
Maybe not, depending on how much you sold it for.  The law changed a few years back - until then, answer would have been yes.\n\nAssuming you owned and lived in the home for at least two years out of the five years before you sold the house, and you didn't exclude gain from another house in the 2 years before the sale, you can exclude up to $250,000 of the gain.  If you're married and file a joint return for the year of the sale, either you or your spouse owned the house for 2 years out of the 5 before the sale, both of you lived in the house for two of the five years before the sale, and neither of you excluded gain from another house within  2 years before the sale of this one, you can exclude $500,000 of the gain.\n\nIt doesn't matter anymore for tax purposes whether you invested the gain in another home.
323005
yes just have your benefits direct deposited into an account.  You can live and travel to where ever you please
210574
yes, but when you get back to ca you still need to register it there. better idea, don't live in ca.
201789
If the house was already in the children's names, then there was no inheritance.  Therefore it would be considered a sale of real estate.  I believe the basis of the house would have been the basis on the date of the transfer, not the appraised value.  Don't forget to add the cost of any improvements to the original basis.\n\nFor more information go to the IRS website and download Publication 523 - Selling Your Home.  If that doesn't help, call the IRS directly.