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I smell REFUND ! ( for SEV drop or multiple residences )

May 22, 2012

SEV DROP:

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.

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