Selling everything in the USA and leaving

[EVENKEEL]

I'm a proponent of maintaining a footprint in the USA complete with real estate, car, DL, the works while living in Thailand. But, I'm back in Calif taking care of business and all the bureaucratic BS I'm facing here really makes me question my decision making. You need a permit to wipe your a$$ it seems like.

 

In the 5 years since I've retired the US is fast becoming a country I don't understand. Inflation and red tape are probably the biggest culprits. The main reason for not selling everything is having to pay tax on selling the RE and I want to pass down RE to my kids.

[TedG]

What’s the tax on selling in CA?

[Gsxrnz]

In their efforts to become less bureaucratic and more efficient, bureaucracies all over the world are constantly forming new departments, divisions, Quangos, NGO's, think-tanks, working groups and committees to determine how to achieve greater efficiency.

 

Invariably, bureaucrats aren't big on irony.

[GypsyT]

Just give it now;

 

Is California property tax exemption parent to child?

 

"Effective February 16, 2021 Proposition 19 limits property tax increases on family homes used as a primary residence by allowing parents to pass on their family home to their children for continued use as a primary residence."

[jas007]

On 8/28/2024 at 9:41 PM, EVENKEEL said:

I'm a proponent of maintaining a footprint in the USA complete with real estate, car, DL, the works while living in Thailand. But, I'm back in Calif taking care of business and all the bureaucratic BS I'm facing here really makes me question my decision making. You need a permit to wipe your a$$ it seems like.

 

In the 5 years since I've retired the US is fast becoming a country I don't understand. Inflation and red tape are probably the biggest culprits. The main reason for not selling everything is having to pay tax on selling the RE and I want to pass down RE to my kids.

You might want to consult an estate planning attorney to see what your options are on the house.  Perhaps you could quitclaim the house to the kids while retaining a life estate.  You get the house for the rest of your life and when you die, the kids have it.  As for federal taxes?  I think the kids get a stepped up basis as of your date of death?  Or perhaps a stepped up basis as of the date the house is quitclaimed.  Off the top of my head I don’t remember, but in any event, there’s a tax benefit. 

[EVENKEEL]

Having incoming rent has always been my ace in the hole. I was a having a bad day dealing with County BS. At the end of the day, it's worth the effort to keep RE. It's easy to justify selling out and pocketing the cash, but truthfully I couldn't do it unless I was forced financially to do so. It's nice when end of month comes and you over spent to be able pull 25K baht from rent out of ATM. 

 

I think too many foreigners take the easy way out and sell everything in the US. If you don't have kids I'd say it's the right move.....possibly. 

Edited August 31 by EVENKEEL

[exant]

If you are retired decide your comfortable, affordable, living environment after age 70 moving forward and beyond,  drive to store, transportation, receiving entertainment, etc. etc. .

 

Keeping  your mind activated, able to buy and pay for help at affordable  prices, etc. having no USA family helping in hose.,  

takes a lot more financial activity and stability, isolated, living

outside your local USA, political derivatives intercepting old age  retirement. 

Money is the weapon of politicians from taxes, to regulations to sanctions to virus orders delivered by politicians who have no hands on work experience, after school never get their hands dirty, never build or assemble  science products  but learned

how to deliver hypnotic speeches and promises full of sound and fury signifying nothing.    

 

California has real estate problems, employment problems, etc.

etc. that is slowly showing up in Thailand politics such as taxation

of foreign earned tax income, etc.  Thailand is way behind USA domestic regulations, the policies of financial accountability. The 

USA policy printing money is driving higher USA  cost of living that

USA retired citizens strugle with every day.

 

If you need to have a USA job to pay for your expenses living in the USA have a lok at job cuts every day.

 

 

 

 

 

[exant]

https://www.dailyjobcuts.com/

 

https://www.dailyjobcuts.com/

 

 

[jas007]

On 8/30/2024 at 12:14 PM, GypsyT said:

Just give it now;

 

Is California property tax exemption parent to child?

 

"Effective February 16, 2021 Proposition 19 limits property tax increases on family homes used as a primary residence by allowing parents to pass on their family home to their children for continued use as a primary residence."

You can lead a horse to water….

[exant]

1)     entitlement versus rights

 

 

2) update southern california