California AB 1771 will charge an additional 25% capital gains tax on almost EVERY RESIDENTIAL PROPERTY sold within 3 years of purchase.The additional tax would decline in annual increments until the property has been owned for more than seven years.
Legislators proposed AB 1771, also known as the California Housing Speculation Act, on the misguided notion that soaring prices of California homes are driven by investor-purchasers of residential properties in California.
In this webinar Nema Daghbandan is a Partner with Geraci LLP and Aaron Norris discuss the bill and what it could mean for "Main St" California investors. It is also a call to action. Here is what you can do to help:
Communicate your opposition to legislators via phone, letter, and email. You may download and customize the sample letters below to tell your personal story of how AB 1771 will affect you and your business.
VISIT: https://aaplonline.com/articles/advocacy/ca-flip-tax/
The Norris Group originates and services loans in California and Florida under California DRE License 01219911, Florida Mortgage Lender License 1577, and NMLS License 1623669. For more information on hard money lending, go www.thenorrisgroup.com and click the Hard Money tab.
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