Is there any way to sell a property in Califonia without having to pay capitol gains taxes ?

Answer 1

live in it as your primary residence for 24 months.

Answer 2

I you have lived in the property for 2 years you will be exempt from 250K as a single and 500K if married on the capital gain. Determining the gain is another issue. A simple example would be what you sold it for minus what you paid. Several other factor can have a major effect on the gain but if you were to use the above simple example and found that your gain was less than the exemption you should be OK.

Answer 3

the only way to escape capital gains tax on sale of property is to live in it as your primary residence for 2 of the past 5 years. You are exempt 250k if you're single or 500k if you're married.

1031 exchange is only for rental properties. you sell your rental property and in 45 days you find another rental property to defer your capital gains taxes.

if you're married and your spouse dies, the date of your spouse's death will be your new basis.

Answer 4

depends on your age I have heard, if you are over something like 55 you can get a one time forgiveness of the capital gains. maybe someone that knows tax code will answer your question, also , if you buy a house to replace the one you sold and it cost more than the sale price on the other one, you can be forgiven for capital gains.

Answer 5

You could 1031 exchange it to another piece of property as long as it is the same type.