California Tax on selling primary residence

[asselin]

I'm selling my house in LA and buying another home.  Yes, it is my primary residence and will get the $250,000 capital gain credit for the Federal.  Does the the $250K still applies for California?  I understand that I do not need to get 3 1/3 % withhold at the time of escrow, but do I still need to pay California taxes and how much?

[Critter · Accepted solution]

See the following passage on page 8 of California's FTB Publication 1001 at:
   https://www.ftb.ca.gov/forms/2013/13_1001.pdf

"For sale or exchanges after May 6, 1997, federal law allows
an exclusion of gain on the sale of a personal residence in
the amount of $250,000 ($500,000 if married filing jointly).
The taxpayer must have owned and occupied the residence
as a principal residence for at least 2 of the 5 years before the
sale. California conforms to this provision. However, California
taxpayers who served in the Peace Corps during the 5 year
period ending on the date of the sale may reduce the 2 year
period by the period of service, not to exceed 18 months."