Home Selling in San Fernando>Question Details

loriemi, Home Owner in Torrance, CA

We are renting our home, because we couldn't sell, the neighborhood is getting bad, had three burglaries, and want to be closer to our

Asked by loriemi, Torrance, CA Sat Jan 5, 2013

daughter. We bought a smaller home for senior citizens only. We are able to pay all expenses for our rental home including a property management firm. We have good rental income and have been renting for almost two years. but am wondering if we should sell to save on capital gains tax?

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Answers

7
Hi Loriemi,

Ron Tomas, below, is correct. Realtors only advice on real estate related matter, not tax, nor legal advice.

Douglas Lagos
Realtor®, Certified HAFA Specialist (CHS)
DRE# 01921046
Coldwell Banker Residential
Tel. (310) 463-8088 http://www.douglaslagos.com
0 votes Thank Flag Link Mon Jan 14, 2013
Dear Loriemi,

If you would like an evaluation of what your property might be worth in San Fernando we can certainly help you with that.
For Tax questions, I must refer you to a qualified Tax Consultant or CPA.
0 votes Thank Flag Link Thu Jan 10, 2013
If you are looking for a qualified agent and tax consultant in the San Fernando area, send me your name, phone number and address to Tjackson@c21mm.com . I will refer these experts to speak with you!

ravis Jackson
Century 21 M & M Associates
DRE#01879566 http://www.408RealEstate.com
tjackson@c21mm.com
(408) 316-5954
0 votes Thank Flag Link Wed Jan 9, 2013
Realtors do not answer LEGAL nor TAX questions.
0 votes Thank Flag Link Sun Jan 6, 2013
Well, the market has certainly changed in two years. The place to start would be to have your realtor do a new estimated value and perhaps consider getting a pest inspection done to see what repairs would cost. Then you would have some figures to give your accountant to discuss your options and compare the tax deductions vs costs.
0 votes Thank Flag Link Sun Jan 6, 2013
Agree with Guy - this is a question for an accountant.
0 votes Thank Flag Link Sun Jan 6, 2013
This is really a question for your CPA, not an agent who knows nothing about your personal financial situation.
0 votes Thank Flag Link Sat Jan 5, 2013
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