I will soon be moving from WA to CA. As of right now, I have over 100k in unrealized long term capital gains. I intend to buy a property eventually by selling shares and was wondering if I will have to pay state taxes in CA if I sell them before I move? I can sell the shares in May while I will be moving to CA in June.
Q. Will l have to pay state taxes in CA if I sell them before I move?
A. No.
Your interpretation of the rules is correct; for state tax purposes, a part year resident of two states reports the capital gain based on where he was living when the gain was "realized".
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