With the housing marketing starting to revive in California, we’re seeing an increase in people asking about house sales and whether or not they would incur a gain if they sell a house. In this quarter’s newsletter sent to our clients this issue is raised. In our Quarterly tax newsletter, the answer is discussed and unfortunately it’s a “it depends”.
If you used part of your house for business, you may end up with a small gain on the portion of home used in business. Concerned? We can determine ways to minimize the tax.
Contact one of our CPAs such as Ken Awbrey at 559-252-8585 and will walk you through your options.