Can two otherwise qualified taxpayers who have recently sold their separately owned original properties combine their claim for Prop 60 benefit when they buy a single replacement dwelling together?
No. They can only receive the benefit if one or the other, not both together, qualifies by comparing his or her original property to the jointly purchased replacement dwelling. The implementing legislation specifically disallows combining a claim in this manner, regardless of whether the co-owners of the replacement dwelling are married or not.
Related Questions
- Can two otherwise qualified taxpayers who have recently sold their separately owned original properties combine their claim for Prop 60 benefit when they buy a single replacement dwelling together?
- May a characteristic of power, such as "green" origin or the right to claim green origin, be sold separately from the power itself?
- Do the dates the property was purchase or sold have any bearing on the outcome of the claim?
