My wife and I purchased a home in So Cal in 1974 for $56,000 and have lived there since. The current value is about $950,000. In 2017 we purchased a second home in Arizona for $410,000 to use as a vacation home (because 4 of our children lived in AZ) and as an investment in these times of rapid increase in property values. The current value is about $700,000. Now as my wife and I get older we are thinking of selling the home in CA and permanently moving to AZ. How does this affect our taxes and how should we go about the sale to minimize any taxes. Both house are paid for and have no mortgage.
Thank You
