We purchased a home 22yrs ago for 260,000 and now selling for 1.80 million profit of apprx 1.55M what are the taxes owed on this sale living in CA married file jointly?

Thanks for any help on how to reduce taxes owed

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We purchased a home 22yrs ago for 260,000 and now selling for 1.80 million profit of apprx 1.55M what are the taxes owed on this sale living in CA married file jointly?

Selling it when? In 2021? With that level of income, you really should see a local tax pro.

We purchased a home 22yrs ago for 260,000 and now selling for 1.80 million profit of apprx 1.55M what are the taxes owed on this sale living in CA married file jointly?

Yes, that will push you to the top of the CA income tax bracket and incur extras like the Mental Health tax. A local tax or financial advisor or both would be wise that can get your full picture.

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