I am selling my primary residence in state of Washington to close April 2013 for 1,076K. I will profit about 500K from the sale. (250K is then exempt from capital gains) I am 60 yrs old. I have a job opportunity now (June) to move to Caifornia now and will likely buy a home around Oct-Nov. I have to pay state of Washington a selling fee, like 20K, then federal capital gains and then do I have to pay California income tax too?
realtors don't know. My Washington CPA doesn't know about California law.
No, as long as the sale happens before you become a CA resident. Non-residents of California, are only taxed on income from California source, while part-year residents are taxable on their world-wide income while a resident of California, and only on income from California sources while a non-resident.(2)
Click the footnote for statutory authority.
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