NewIrvineBee
Member
wow so funny. They both are approx. 1.2m but so big different.
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
Are you sure about that? I have always read that CA follows Fed on this primary residence capital gains exclusion rule.
"Capital Gains on the Sale of a Principal Residence...
For sales and exchanges of residences occurring after May 6, 1997,
California law allows the taxpayer to exclude from gross income the
gain realized on the sale or exchange up to a maximum amount. The
exclusion is allowed if the taxpayer used the residence as a principal
residence for two of the previous five years. The subsequent purchase
of another residence is not required. The exclusion for a given sale
is limited to $250,000 for single income tax filers and $500,000 for
married taxpayers filing jointly. Exclusions can be claimed for
additional sales or exchanges providing the above conditions are met.
California law waives a portion of the two-year occupancy rule for
Peace Corp volunteers. Additionally, it does not conform to federal
transitional provisions which allow certain taxpayers to elect prior
tax treatment for certain sales."
woodburyowner
Well-known member
Absolutely shocking price.. wonder what the real story is (if there is one). Dual agent with a cash buyer. Setting a huge new high for WB. I was looking at 62 Sanctuary and thought it sold on the low side.
woodburyowner
Well-known member
eyephone said:
Are you sure about that? I have always read that CA follows Fed on this primary residence capital gains exclusion rule.
usctrojancpa
Well-known member
+1 See below....woodburyowner said:
"Capital Gains on the Sale of a Principal Residence...
For sales and exchanges of residences occurring after May 6, 1997,
California law allows the taxpayer to exclude from gross income the
gain realized on the sale or exchange up to a maximum amount. The
exclusion is allowed if the taxpayer used the residence as a principal
residence for two of the previous five years. The subsequent purchase
of another residence is not required. The exclusion for a given sale
is limited to $250,000 for single income tax filers and $500,000 for
married taxpayers filing jointly. Exclusions can be claimed for
additional sales or exchanges providing the above conditions are met.
California law waives a portion of the two-year occupancy rule for
Peace Corp volunteers. Additionally, it does not conform to federal
transitional provisions which allow certain taxpayers to elect prior
tax treatment for certain sales."
aquabliss
Well-known member
Largest lot in PP is up for resale already. It's a Hawthorne but forget what plan. Lot size is 13,400 sq ft - they had an open house yesterday and I walked through, everything is standard and no landscaping yet. Couldn't find it on Redfin but asking price is $1.68M.
Lot is nice but awkward shape. It's a corner lot with no one in front or behind, location is great except for that it's near to the 4 story townhomes that are under construction. It does sit above those but who knows how much noise they'll get once all those ruffians move in.
Lot is nice but awkward shape. It's a corner lot with no one in front or behind, location is great except for that it's near to the 4 story townhomes that are under construction. It does sit above those but who knows how much noise they'll get once all those ruffians move in.
irvinehomeowner
Well-known member
I see a long driveway and I think basketball court.
Irvine Dream
New member
Rumor is they got a bid of 1.2 million