Legal Question in Real Estate Law in California

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

Asked on 10/03/12, 4:02 pm

1 Answer from Attorneys

George Shers Law Offices of Georges H. Shers

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.

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Answered on 10/03/12, 5:30 pm

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