I have a home in cabo, live in san diego. I plan to see the cabo home?
Question by Kelly N: I have a home in cabo, live in san diego. I plan to see the cabo home?
Do I have to report the net profit on my california taxes. And is there anyway to get around it. The san Diego home is my principal residence, and cabo is my vacation home.
Answer by bostonianinmo
Yes, you have to report the profit on both state and fed returns. No, there’s no way to avoid it. You may have tax consequences in Mexico as well.
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