How do I avoid paying gain tax on home sales?
You do not have gain tax if you lived in the home for two out of last five years! From the local San Diego Union-Tribune newspaper dated 3-18-2007, here are a few selected median home value drops just since February 2006 for resale homes: Coronado 50%, La Jolla 15.6%, Pacific Beach 15.8%, North Park 15.8%, Ocean Beach 19.1%,San Carlos 19.1% Keep in mind, the average San Diego median home price is over $550,000. So, a 15% decline is a $82,500 loss! If you purchased last year, even with 20% down payment, your San Diego home could now be worth MUCH LESS than the amount of your mortgage! With my take on the background of the current San Diego real estate market expressed, my opinion on the immediate future is that we are now in a seasonal sales pick-up. In a few months, I believe that the downward trend will re-establish itself and not only only continue, but is likely to accelerate as the popular adjustable rate mortgages from the last few years come up for their first adjustment. Yes, Sa
