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On the CA return, you will want to only claim your half of the gain. Your wife's share of the gain is not taxable to CA. Here are the steps:
Ok, that makes sense for the CA return. Would you suggest we file separately in terms of how much return we would get/owe, or do you think it would probably end up being the same in the end? We are married but living separate so we kind of have separate banking accounts even though we are still legally married. So maybe it would be better to file separately so she wouldn't get hit with the CA tax on the Florida house sale?
You can file joint or separate. She will not have to pay CA tax on the gain either way. When going through the CA, her amount should be allocated to her state, not CA. If you are filing the federal as joint, it would be easier for the state to be filed joint as well.
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