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Brenda Guy
Brenda Guy, Certified Public Accountant (CPA)
Category: Tax
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Experience:  20 years of working with income and estate tax issues for families and businesses.
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I have rented my home. How long before I must move back in

Resolved Question:

I have rented my home. How long before I must move back in to keep my prop 13 taxes.
Submitted: 3 years ago.
Category: Tax
Expert:  Brenda Guy replied 3 years ago.

Prop 13 does not change if you rent your home rather than live in it. Prop 13 applies to all real property in California.

The only item that is tied to living in your home vs renting is the homeower exemption. for that you have to live in the home. The minute you move out you lose it. You have to file a form when you move back in to get it back.

Customer: replied 3 years ago.

I have heard that you must have lived in your home, I can't remember, two of the last five years or three of the last five years.

 

Are you saying that you can rent the house indefinitely withoujt losing the tax base under proposition 13?

Customer: replied 3 years ago.
Could I be confusing my property taxes with capital gains taxes if I should sell the rental home?+
Expert:  Brenda Guy replied 3 years ago.
The 2 of the last 5 years is not for prop 13. Prop 13 is for your property taxes. the 2 of the last 5 years refers to how long you have to live in your home in order to qualify for the gain exclusion when you sell the home. This is IRC section 121.
Brenda Guy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 151
Experience: 20 years of working with income and estate tax issues for families and businesses.
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