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Yes, capital gains are taxed differently on the federal return and the California state return.
The federal return uses a long capital gain rate that varies from 0% to 15%. Click here for details of exceptions to these rates.
California applies their regular tax rate to capital gains.
Since adding basis would lower your capital gain, the California tax would definitely change, unless you were already at $0 tax.
On the federal return, there are a number of reasons why your federal tax may not change:
Yes, capital gains are taxed differently on the federal return and the California state return.
The federal return uses a long capital gain rate that varies from 0% to 15%. Click here for details of exceptions to these rates.
California applies their regular tax rate to capital gains.
Since adding basis would lower your capital gain, the California tax would definitely change, unless you were already at $0 tax.
On the federal return, there are a number of reasons why your federal tax may not change:
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