Santa Clarita Real Estate, New Capital Gains Tax Laws Everyone Needs To Read!
By Jennifer Ricco, CDPE, PSC, e-PRO, Retired LAPD
(Keller Williams VIP Properties)
For those of you who have multiple properties here in Santa Clarita or anywhere in the United States you really need to take the time to read this information. You may get an unexpected Capital Gains Tax Bill in the mail. Please take time to be a wise real estate investor especially with the all the policy changes occurring on Capital Hill. Now more than ever education is key. A popular tax-saving loophole regarding capital gains taxes on some primary residences has been impacted by the recently signed 2008 Housing and Economic Recovery act. The law places new restrictions on wealthy homeowners who own two or more homes and plan to "house hop" to avoid paying capital gains taxes. Under previous law, those who sell a house for profit after living in it as their primary residence for two...
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