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CA R.E tax question ?
Hello all,
I hope someone can help me to answer following question…. It’s R.E tax question.
If someone has paid off property in CA (lived more than 10 years as a primary resident), and decided to move to a different state and purchased property there as a primary residents.
He rented the property in CA and after 3-5 years he decided to sell it.
Does he still qualify for the capital tax exclusion for $500k (married)?
What kind of tax he has to pay in CA?
Thanks a lot for any info!!