Question

Capital gains tax in CA on sale of primary residence

Forum|Forum|1 year ago
February 19, 2025
1 reply
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I moved to WA from CA in July, 2024. I sold my house in CA in Aug at which point if qualified as my primary residence since I lived here from Apr 2020 to Jul 2024. I made less than 500k in profits (got it for $813k, sold it for $1.3 Mil) on the sale of the property. Do I owe anything in CA state taxes for the sale of this property? What tax documents do I need for filing a return on the sale of my property?

Ask the Experts - Deciphering - Feb 2025

M

MayaD

You generally need to report the sale of your home on your tax return if you received a Form 1099-S or if you do not meet the requirements for excluding the gain on the sale of your home.

Selling a Home

CA conform to the IRS rules and allow you to exclude, up to a certain amount, the gain you make on the sale of your home(up to $250,000 of profit is tax-free or up to $500,000 if you are married and file a joint return). You may take an exclusion if you owned and used the home for at least 2 out of 5 years.

ftb.ca.gov

If you received form 1099-S, check: Where do I enter Form 1099-S?

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