Do I qualify for the $250,000 tax exclusion if all criteria is met as a single prior to move from CA to NV? Owned home as primary residence, didn't use it as a rental property, and lived in home 2 out of 5 years prior to sell.
Federal taxes would still be charged for income earned during the year regardless of where you moved. However, if you meet the qualifications for the $250,000 tax exclusion for primary residency, it can be included with your return. TurboTax will help you calculate your taxable income from the sale of your home when you enter the sale into the software. To enter the sale into TurboTax Online, follow these steps:
Nevada is a no-income-tax state, and you would not be required to file a return for Nevada. However, you will still be required to file a California return even though you moved. TurboTax will help you fill out your state returns based on the data you entered in your federal return.