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Strategies & Market Trends : Dividend investing for retirement

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To: E_K_S who wrote (12538)	9/1/2012 1:47:41 PM
From: upanddown	Read Replies (1) of 34328

I decided to move to South Lake Tahoe Nevada EKS, I thought all of South Lake Tahoe was in CA. Did you buy just east of the casinos in Stateline, NV? I have a somewhat similar situation. I've had a house in Southern CA for 30 years. I bought a second house on the CA Central Coast about 200 mi away in the middle of 2010. One reason was to capture the "move-up" tax credit that expired in mid-2010. That then became our principal residence sometime in 2010 and I filed 2010 taxes from the new house. The problem with that is the clock starts ticking on selling the old house and capturing the CG exclusion (250,000 single/500,000 couple) on the sale of the prior principal residence. "Principal residence" is really a vague legal term but you, in essence, have three years from the date of switching principal residences to sell the old house and exclude the gain. That date isn't necessarily the date you close on the new house. It could be when you switch all bank/investment accounts, register to vote, change car registration or insurance policies. It is definitely no later than the end of the tax year for which you first file taxes from the new house, in your case 2012 and in mine 2010. I'm down to about a year left and we are trying to get the old house ready for sale. Based on experiences of friends and family who moved out of CA, you can expect to be hounded by the CA tax authorities for years. My brother retired and moved from CA to Italy 15 years ago. His investment stuff still has his son's CA address. They are still bugging him for money. He had to call the FTB last month and he left in 1997! Sounds like a good move. Good luck and don't blow your windfall in the casinos<GGG>. John

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