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Will I be charged at both the rate of 11.3% and 23.8% for longterm capital gains for the sale of a home in CA during 2017 as ordinary income?
I qualified for $250,000 exclusions as a single and capital gains were $530,000. There was no wage income during 2017, only longterm capital gains. The gains weren't over $551,000 and the tax wouldn't be at the 13.3% rate. So, would gains be taxed at both 11.3% and 23.8% based on income value? Would there be any offset benefits if I established residency and worked in NV prior to the sell of the home inn 2017?
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March 17, 2023
7:29 AM