Trying to understand tax situation, would love perspective
Hello!
I am relocating to another state for a new job and am trying to decide if I want to sell my home and re-invest in something up here. Some final facts I need to make a decision are the tax implications, any help here would be most appreciated! Below is all necessary information:
Current Home (California):
- Single family home, currently we live in the our guest house and rent out our main house.
- Main house: 2800 sq ft (renting for $4000/mo)
- Guest house: 480 sq ft
- Purchase price: $1,000,000
- Put $100,000 down, did a 80:10:10 loan, so $900k remaining in loans.
- Purchase date: October 1st, 2015
- Estimated sale price: $1,350,000
- Estimated sale date: July 1st, 2017
Potential New Home (Oregon):
- Single family home, looking to convert the basement that has its own entrance into an additional unit for rent. (we would move into the additional smaller unit if it helps for tax reasons).
- Main house: 3100 sq ft
- Basement unit 700 sq ft
- Purchase Price $1,450,000
- Down payment: $400k - $500k depending on what we sell our California home for.
If there is any additional information required let me know!
- J