I smell REFUND ! ( for SEV drop or multiple residences )
May 22, 2012
Crazy but true. We’ve been filing for refunds when sellers have a:
- Lower SEV when they sold than when they bought
- Sell for less than or equal to: Actual Cash Value ( ACV is SEV X 2 in most locations – sell for more and no refund available)
- Home has always been homestead/main residence/ non rental property
How much will be saved ?
- the state .075% portion of your .086% at closing transfer tax
Whats needed ?
- Proof of SEVs on the way in and out
Can I guess ?
- 20 % penalty if you are wrong ( plus our fee wasted )
There are useful applications to this for buyers/ sellers/ investors.
MULTIPLE PRINCIPLE RESIDENCES:
If you are a seller and have moved into a new home awaiting a sale on the old home, you may qualify for principle residence exemption on BOTH homes whilst you await the sale.
Only makes sense.