BobKamman
Level 15
02-18-2023
11:37 PM
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This reminds me of all the people in Iowa who are buying living trusts because New York and California have backwards probate laws that encourage living trusts, and much of the national media is located in those states, so they publish a lot of stories about how everyone needs a living trust.
Before Californians started moving to my state, and buying up rentals here, there were many home sales for under $250K/$500K. So I believed clients when they said they did not receive a 1099-S, and I figured even if they did, IRS wouldn't send a notice. And it worked. It still works, so let's not Californicate the advice here too much. Or look at the rest of the country based on the view from Manhattan.