Re: CA state tax selling primary residence

taxstuff · Sep 17, 2021 3:58:54 PM

If my spouse and I have owned and lived in our house for at least two years, then we we also get the $500,000 exclusion from California state tax like from Federal tax? Thank you,

CA state tax selling primary residence

If my spouse and I have owned and lived in our house for at least two years, then we we also get the $500,000 exclusion from California state tax like from Federal tax? Thank you,

posted

Yes, the CA exclusion follows the federal exclusion rates and length of time of living in and owning the personal residence for CA residents.

If living in the house for less than two years, there are some federal exceptions, such as job location change more than 50 miles away, etc., for partial exclusion. Does California also follow this? Thank you.