Investors Fleeing California's High Tax, Urban Markets, Experts SayOctober 15, 2020 – Media Mention
Greenberg Glusker partner, Michael Wiener, provided comments during Bisnow's October 13, 2020, webinar, "Tax Tips for Landlords: From the Tax Cuts and Jobs Act to Today," which have been quoted by Bisnow in the article, "Investors Fleeing California's High Tax, Urban Markets, Experts Say," published on October 15, 2020.
Greenberg Glusker partner Michael Wiener, a tax attorney on the Tuesday webinar, said his firm has "consulted with a number of clients about potentially exiting California." Fewer clients actually end up leaving, Wiener said, because of an extreme difficulty to do so.
Wiener said he has seen a lot of California investors looking to do 1031 exchanges into out-of-state real estate, but many are surprised to learn they have to continue to file a return in California each year.
"When they eventually do a cash sale of whatever property they wind up exchanging into, they’re going to be taxed in California on the California portion of the gain, and that’s something a lot of people don’t realize but are learning quickly," he said.