Timeline for Is property tax assessed on real estate transaction fees as well (California)?
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| Jul 8, 2020 at 3:49 | comment | added | bbrails09 | at least in the state of california I know it's based on whatever the sale price is listed on the RPA document (res purchase agreement). whether it's a cash sale or with a mortgage, you still have to sign an RPA. CA also has prop 13 which is unique, in that your property tax is basically never re-assesed, and there are also some circumstances when you can roll over your old tax basis (e.g. you owned your home for 20yrs and are upgrading to a bigger home). I'm definitely not a tax expert though so would recommend doing your own research / talking to a CPA. | |
| Jul 6, 2020 at 23:11 | comment | added | user4910112 | This totally make sense to me, but is there a form/spreadsheet that would establish how to tax basis is calculated? One user suggested HUD-1 but best to my understanding that is a form involved when house is bought with mortgage. What if house is bought with cash? | |
| Jul 6, 2020 at 23:09 | history | bounty ended | user4910112 | ||
| Jul 4, 2020 at 23:06 | vote | accept | user4910112 | ||
| Jun 30, 2020 at 22:17 | history | answered | bbrails09 | CC BY-SA 4.0 |