Hi Team,
I am retired after working for many years in california and a california resident for tax purposes and I have been living in India continuously from 2023 for 2 years, I still have my house in california which is rented out and hence file Federal and state taxes.
Since I am not living in California with the 546 days test, am I considered a non resident for federal and State taxes and if I sell my house where I am living in India, is that considered global income?
If I sell my house in India for a gain of over 500K USD, will I get federal exemption since it is my primary residence for last 2 years
Please let me know if I qualify or not for federal exemption, under what circumstances can I claim federal exemption on 500K gains on a foreign property. Since I have not been living in California.
I do not have plans to return to california anytime soon, and do not wish to sell my house in california as it has appreciated in value and hope it will appreciate in future
Your prompt assistance is very much appreciated, Thanks
