Need advice!

the.irvine

Active member
Dear TI Members,

We have special need son who is attending CV elem school, due to excessive class size they will be moving our son to PS elem school from next school year. We really dont want to move our son from CV elem school for various reasons. Need your help please

I am requesting to school to keep him there, but so far no luck.

We bought condo in PS ( <2 years ago): I believe if we sell it prior to 2 years , will have to pay cap gain taxes if any. I am also thinking about renting it out, and going to CV for rental condo( or buy new one).

I am very confused, please help me.
 
the.irvine said:
Dear TI Members,

We have special need son who is attending CV elem school, due to excessive class size they will be moving our son to PS elem school from next school year. We really dont want to move our son from CV elem school for various reasons. Need your help please

I am requesting to school to keep him there, but so far no luck.

We bought condo in PS ( <2 years ago): I believe if we sell it prior to 2 years , will have to pay cap gain taxes if any. I am also thinking about renting it out, and going to CV for rental condo( or buy new one).

I am very confused, please help me.

You don't sound so confused.  You know exactly what to do.
 
Thank you!

are there any tax implications or penalties, if we put our condo in PS on rent, and use this cash to lease an apartment in CV?
 
Instead of uprooting your real estate, to what extent have you talked to the school?

Considering your son is special needs, I would think that the school may make an exception.

If you've already spoken to the principal, keep going up the chain.

Good luck.
 
Don't let the tax tail wag the dog. How much of a gain are you expecting after commissions? Unless your married income is above ~$450K, the capital gain tax will be 15%.
 
To OP, can you elaborate a little why you prefer CV Elementary  over PS Elementary?  I live in CV and interested to know how's CV Elementary school is doing. 

Also for the over crowding issue, is it a school wide problem or just limited to the special Ed?  If it's a school wide issue then it might just be a temporary problem.  Once the EW and BP Elementary open, they should ease the crowding issue. 

 
WTTCHMN said:
the.irvine said:
Dear TI Members,

We have special need son who is attending CV elem school, due to excessive class size they will be moving our son to PS elem school from next school year. We really dont want to move our son from CV elem school for various reasons. Need your help please

I am requesting to school to keep him there, but so far no luck.

We bought condo in PS ( <2 years ago): I believe if we sell it prior to 2 years , will have to pay cap gain taxes if any. I am also thinking about renting it out, and going to CV for rental condo( or buy new one).

I am very confused, please help me.

You don't sound so confused.  You know exactly what to do.

Add improvements that stay with the house to your basis and subtract your cost to sell (mostly commission) and you'll come up with your taxable gain. If you bought less than 2 years ago, there might not be a whole lot of gain (if any). Cap gains wouldn't amount to much.

Renting out your place would result in rental income. You can't take rent off against that, so you'll have to decide if cost to move (moving van, rent, etc) is high enough to offset your rent. Don't forget to include vacancy and maintenance on your rental.

Tough situation you're in. Have you spoken with the special ed teacher at PS? Maybe they have a good program.
 
Must be doing something right at CV, the special Ed teacher got an IUSD award, Teachers of Promise.  Good luck, hope you get the best for your kid.
 
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