Your actual tax on the sale, (at a profit, seemingly), for federal purposes will be some combination of "depreciation recapture", taxed at the rate of 25%, and long term capital gains, taxed at anywhere from 0% up to 23.8%. depending on your income. California has no long term capital gains rates and no depreciation recapture. The gain will be taxed at "ordinary income" rates which can range from 1% up to 12.3%.
Sorry, the US Income Tax System and the California Income Tax system, (and every other state in the union, undoubtedly), are so complex, so full of phase-ins, phase-outs, surtaxes and every other form of "gotcha" that the political class can devise that there's absolutely no "back of the envelope" calculation that's worth the paper it's printed on, especially when you have no real numbers to work with.
Tom Young
