Capital Gains Tax
March 28th, 2009
Question: California capital gains tax on real estate?
Is it true for a married couple that we can realize a profit of up to $500,000 without being taxed with the “capital gains tax”? We plan to put the money back into another house (and we’re not even close to making the $500,000 anyway,). Thanks for any help you can give.
Answer: I’m not sure about the rule in CA. However, if you reinvest the profits of one house to purchase another, you should not pay any capital gains tax.
http://www.irs.gov/pub/irs-pdf/p523.pdf
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