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Old 08-22-2008, 11:06 AM
 
Location: los angeles
5,031 posts, read 11,054,258 times
Reputation: 1477

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Also the drive from Malibu to LA has to be another good reason to look for a nice home in Beverly Hills or the Hollywood hills.
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Old 08-22-2008, 11:18 AM
 
4,182 posts, read 5,658,702 times
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Percentage-wise, California property tax rates are moderate compared to other states. $100k is a big number only because that is based on a $9.2 million house.
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Old 08-22-2008, 01:08 PM
 
257 posts, read 1,277,710 times
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Had she not inherited a home and had to pay a mtg, she wouldn't be looking at a 9 million dollar house kwim?
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Old 08-22-2008, 01:10 PM
 
3,748 posts, read 7,210,050 times
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Quote:
Originally Posted by ndfmnlf View Post
Percentage-wise, California property tax rates are moderate compared to other states. $100k is a big number only because that is based on a $9.2 million house.
Agreed. I think it's absurd to whine about a $100k property tax on a $9.2M house. It's a $9.2M house, duh. This person needs to look the cost of ownership and buy according to his/her ability to pay.
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Old 08-22-2008, 03:08 PM
 
Location: Washington, DC & New York
10,750 posts, read 25,526,667 times
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Yes, the purchase price is just one cost of ownership and $300k per year salary is not enough for taxes and to properly furnish and maintain a $9.2M house.
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Old 08-22-2008, 03:14 PM
 
26 posts, read 19,128 times
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Quote:
Originally Posted by mellabella View Post
Had she not inherited a home and had to pay a mtg, she wouldn't be looking at a 9 million dollar house kwim?
The interesting thing is if she had sold that house rather than moving into it, she could have probably kept all of the money. When you inherit a house, your tax base is its worth when the house becomes yours.

Even in southern California, having a nest egg of $9.2 million can provide a VEERRRYYYY cushy life style.
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Old 08-22-2008, 03:17 PM
 
Location: Malibu/Miami Beach
1,070 posts, read 2,882,897 times
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I personally think an Incorporated (Non Profit) Charity(501(3)(c) to gain "California welfare exemption" should do the trick.
After all you have to put something back!
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Old 08-22-2008, 03:19 PM
 
Location: South Bay
7,091 posts, read 18,417,215 times
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Quote:
Originally Posted by moose31 View Post
The interesting thing is if she had sold that house rather than moving into it, she could have probably kept all of the money. When you inherit a house, your tax base is its worth when the house becomes yours.
the inherited house is in London though, they may have a different tax system over there.
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Old 08-22-2008, 03:29 PM
 
Location: Malibu/Miami Beach
1,070 posts, read 2,882,897 times
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Quote:
Originally Posted by mellabella View Post
Had she not inherited a home and had to pay a mtg, she wouldn't be looking at a 9 million dollar house kwim?
If she did not have a $300,000 salary she would be looking for a job in Subway.
The whole double taxation think is wrong you pay income tax then you pay property tax.
If you think that this type of taxation hits the Mega rich you are sorely deluded they have droves of tax experts who reduce their real taxation to almost nothing.
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Old 08-22-2008, 03:36 PM
 
Location: Malibu/Miami Beach
1,070 posts, read 2,882,897 times
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Quote:
Originally Posted by BRinSM View Post
the inherited house is in London though, they may have a different tax system over there.
When I said inherited I meant that she was gifted the house ten years before her mothers death,therefore no inheritance tax(death duty) also the house has not yet been sold and probably never will be(so no capital gains tax).
The reality is that she will probably take the job here on a temporary contract rent here and rent out the house in London.
My point is why do governments have to make things so complicated for people?

Last edited by impala666; 08-22-2008 at 03:51 PM..
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