The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: George K.	9/11/2005 12:31:05 PM
	Read Replies (2) of 306849

Not often discussed are Non Resident State Real Estate taxes. In my state non-residents pay 2.5% of the sales price. Somebody told me it is 5% in CA? As I understand it, what it really is is a deposit on state capital gains taxes. Anyway, for years I have sent BIG money to my state's revenue services that is withheld from sellers at closings. There has been a significant change in trend in the last 9 months or so. There is a mechanism to apply for a waiver or reduction of the tax if there is little or no gain. My volume and success rate at getting these is soaring - particularly with non-residents who have bought in the last 4 years or so and are now selling. Put simply, after the closing costs and other items of allowable deduction, particulary commish, a lot of these people are selling at a loss for purpose of this tax. This would seem to be a quiet problem in the second home market. Geo.

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