Need Tax Advisor w/ knowledge of Cap Gains Military Clause

Need Tax Advisor w/ knowledge of Cap Gains Military Clause

Rental Property Investor · Vienna, VA · Member since 2015 · 35 posts · 8 votes

I’m looking to sell a property in CA and want to make sure I don’t get slammed with capital gains taxes. I lived in it and then converted it to a rental and need a professional opinion on whether I qualify for the military clause to be exempt from capital gains tax when I sell.

Any recommendations?

I’d prefer someone with knowledge of CA tax law so I can avoid state cap gains taxes as well.

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    4y

    @Christopher D.

    There are extended rules for section 121 if you were required to move based on a military order.

    You just have to make sure to follow all the rules and have details of when the house was purchased, when you lived in the house, when you moved out of the house and when you plan to sell the house.

    Best of luck

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