Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 13, 2023 8:52:19 AM

Should CA longterm capital gain tax at the state level be 13.3% in 2017? Or lower? The capital gains was $516,000 from the personal property sell.

0 3 326
3 Replies
Expert Alumni
Mar 13, 2023 9:13:44 AM

Yes, that is correct. California includes capital gains in taxable income and does not have a special tax rate for them. Click here to learn more. 

 

Your 2017 California tax rate is based on the amount on Form 540, line 19. If that amount is over $551,473 for Single or Married Filing Separately, or $1,102,946 for Married Filing jointly, your tax rate is 13.3%. 

New Member
Mar 13, 2023 9:43:18 AM

Julie, thank you for your response. The longterm capital gains was under $551,473 for personal property and not over. Would CA state tax rate be the same or lower than 13.3%, for Single in 2017? Thanks

Expert Alumni
Mar 13, 2023 12:40:52 PM

Line 19 on the 540 is your total taxable income including the $516,000 in capital gains plus all of your other income.  If that total is over $551,473 then your tax rate is 13.3%.

 

@stephaniemoore89