You are correct in assuming that you will not owe capital gains tax if you are married filing jointly with an AGI of $94050, but if your AGI is slightly higher than that amount you will owe 15% capital gains tax on the amount of gain on the sale on your federal return. Be sure to include the amount of gain when calculating your AGI, as this is a common mistake when determining your capital gains tax rate.
Since the property was sold in Hawaii, and you have already withheld the required 7.25% capital gains rate for that state, you should be fine when reporting the sale on a non-resident HI return. However, since you are a resident of California, CA will want you to pay tax on the income as well. When preparing your resident CA return, be sure to take the Other State Tax Credit for the amount of taxes that you paid to HI on your CA return. This credit will ensure that you are not being taxed twice on the same amount of income.
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