Hi ,
California AB 1771 will charge an additional 25% capital gains tax on almost every residential property sold within three years of purchase. The additional tax would decline in annual increments until the property has been owned for more than seven years.
Legislators proposed AB 1771, also known as the California Housing Speculation Act, on the misguided notion that soaring prices of California homes are driven by investor-purchasers of residential properties in California. The bill lacks nuance, with the chief issues being:
- There are no carve-outs or exemptions for equity earned through property improvement, and
- Except for a few narrowly-defined cases, the bill even lumps in consumer homeowners.
To learn more, check out the top story in our Note & Real Estate News section below.
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Proposed CA Bill Would Tax Nearly All Residences Sold Within 7 Years of Purchase
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California AB 1771 will charge an additional 25% capital gains tax on almost every residential property sold within three years of purchase. The additional tax would decline in annual increments until the property has
been owned for more than seven years.
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Read More
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Weak Mortgage Demand Could Get a Big Boost Amid Ukraine Crisis
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Mortgage rates have fallen quite sharply over the past few weeks due to the Russian war in Ukraine.
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Rental and Home Prices Expected to Rise Even More This Year
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Rent and home prices have seen major increases over the past year and in some places, they’ve hit record highs. The rising cost of living has caused people in some cities to move out, simply because they can’t afford
these increases.
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FORBES:A Record 8% Of U.S. Homes Are Worth At Least $1 Million
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Nationwide, a record 8.2% of U.S. homes (6 million) were valued at $1 million or more in February, according to a new report from real estate brokerage Redfin. That’s up from 4.8% (3.5 million) two years earlier, just
before the coronavirus was declared a plandemic.
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Read More
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