Capital gains

Sb581 — Thu, 15 Jul 2021 20:36:10 GMT

Do you have to pay capital gains federal or state in California when you sell your primary home? Thanks

Re: Capital gains

drc845443 — Thu, 15 Jul 2021 20:50:40 GMT

Both the Federal and the state require you to pay tax on taxable capital gains when you sell your personal residence.

However, depending on your situation, you may not have taxable capital gains as you may qualify to exclude the gains from the sale of your home (up to $500,000 for married couples and up to $250,000 for other filers). To qualify to exclude the gain, you have to meet certain conditions. These conditions are outlined in the link below:

https://www.irs.gov/taxtopics/tc701

topic Capital gains in Retirement tax questions

Capital gains

Re: Capital gains