What’s our best option here?

My wife and I are looking to buy/move into a new, bigger home in the same city of Livermore, CA that we live in now. We purchased a home back in 2015, but it was a simple purchase – meaning down payment was cash from our own savings, no house to sell to put towards that house. We do not live in that house; our mother in law does. Our situation now is a bit different and we would like to know what would be the best route to take with considering prop 19 and capital gains tax.

-the house we are looking to purchase is $2.6M
-the house we live in and would like to sell valued at roughly $1.6M
-the house we live in and would like to sell is owned by my parents (we are not on the deed)
-our parents live with us
-my wife and I will be paying the mortgage

We are waiting for a callback from our CPA. We spoke to a lender who is a personal friend, and he is waiting to hear back answers as well. Hoping to get some faster responses and input from the community here. Any advice would be appreciated!

submitted by /u/G3NER1K
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My wife and I are looking to buy/move into a new, bigger home in the same city of Livermore, CA that we live in now. We purchased a home back in 2015, but it was a simple purchase – meaning down payment was cash from our own savings, no house to sell to put towards that house. We do not live in that house; our mother in law does. Our situation now is a bit different and we would like to know what would be the best route to take with considering prop 19 and capital gains tax. -the house we are looking to purchase is $2.6M -the house we live in and would like to sell valued at roughly $1.6M -the house we live in and would like to sell is owned by my parents (we are not on the deed) -our parents live with us -my wife and I will be paying the mortgage We are waiting for a callback from our CPA. We spoke to a lender who is a personal friend, and he is waiting to hear back answers as well. Hoping to get some faster responses and input from the community here. Any advice would be appreciated! submitted by /u/G3NER1K [link] [comments]

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