Prop 19 Calculations - Selling then Buying - Transferring Property Taxes in California
Did you know that there are 2 ways to use Prop 19 for property tax transfers in California. You can buy the replacement property, then sell your primary residence within 2 years OR (which we cover in this video) you can sell your primary residence and buy the replacement property within 2 years, but this changes the Prop 19 calculations! We jump on the whiteboard to run through Prop 19 examples and calculations for property taxes for California Prop 19 property tax transfers!
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Discussion
How does the calculation work if two families are combining a household in the replacement property. For example: The first is 55+ and has a home with a basis of $550. The 2nd family (adult children) are well under 55 and their home has a basis of say $300. They both sell and together they buy a 1,000,000 property. How does the calculation work, or is it not even eligible???
Thanks for reaching out, Tina. In your scenario, only the home with the 55+ seller will qualify...the other home will not due to the age of the seller.
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