If there is a California capital gains (real estate) tax, what is the rate?
2006-06-26 13:25:17 · 3 answers · asked by Horacio M 2 in Business & Finance ➔ Renting & Real Estate
That depends. If it was your principal residence, and if you lived in it for 2 out of the last 5 years immediately prior to the sale, then you may exclude up to $250,000 ($500,000 if married filing jointly) in gain from federal taxes. Excess gains are taxed as capital gains, as is the entire gain if you don't meet the ownership, residency and/or occupancy conditions.
CA law may vary on that. Consult a tax advisor in CA for full details.
2006-06-26 13:31:47 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If it is an investment property and you have not lived there the last 2 of 5 years, you not only have to pay federal capital gains, you have to pay state income tax and local income tax if it was in a town that has them.
2006-06-26 20:39:21 · answer #2 · answered by rstump1 2 · 0⤊ 0⤋
Yes.
http://72.14.203.104/search?q=cache:k6lThWplDzsJ:www.ftb.ca.gov/forms/04_forms/04_nrdins.pdf+capital+gains+tax+California&hl=en&gl=us&ct=clnk&cd=7&client=safari
2006-06-26 20:29:57 · answer #3 · answered by Anonymous · 0⤊ 1⤋