Here’s some important info about an upcoming piece of legislation in CA.
AB 1771 is a proposed bill by one of our San Diego congressmen. The goal of the bill is to solve the California housing crisis, but I feel it’s a misguided and misinformed effort.
This bill will put a 25% capital gains tax on all property sales. That means if you own the property for one to three years and have to sell, you’re going to pay 25% in capital gains tax. If you own the home for seven years or more, the tax will be slightly reduced.
The goal of the bill is to go after investors and flippers, but it’s going to hurt homeowners of all shapes and sizes. I’m not sure how it’s going to solve the housing crisis; it might even make things worse. I encourage you to do your research about this proposed bill before election day.
If you have any questions about the bill or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.