If you are a California Resident, and own (inherit) Real Estate in another State (GA) Does renting the out of state property on a five year lease, Constitute the action of the lease, to be a sale under California Real Estate and/or Tax Law? Not my property. Thanks in advance for your answer
1 Answer from Attorneys
I am not sure what you exact question is. Renting the house is, under California law, renting the house out. The rent money is taxable income. No sale has occurred so it is not treated as a sale.