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Ask R. Greg Paszkiewicz Your Own Question
R. Greg Paszkiewicz
R. Greg Paszkiewicz, Enrolled Agent
Category: Tax
Satisfied Customers: 357
Experience:  9 years preparing tax returns - Marietta, GA
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what is capital gains tax in Arizona for real estate

Customer Question

my parents are moving to arizona from california and will be
selling their home after living there for 8 mos. What is the
capital gains tax and how does it compare to california. Is there
still a tax exemption after 2 years in your primary residence in
Az?
Submitted: 11 years ago.
Category: Tax
Expert:  R. Greg Paszkiewicz replied 11 years ago.
The states follow the Federal rules on the home sale exclusion. If you owned and lived in your main home for at least 2 of the last 5 years you can exclude up to 500k (MFJ). If your move is due to change of employment or health reasons you may be eligible for a reduced exclusion even if you don't clicl over the 2 year mark. Capital Gains at the state level is usually taxed just like other ordinary income. Assuming the income tax rate is lower in AZ than CA, it would be less.
Customer: replied 11 years ago.
Reply to R. Greg Paszkiewicz's Post: If I move for employment after 6 months of living in a property
as my primary residence as a single person what is the tax law
for my home sale?
And can you deduct all of your investment into fixing up the
house? I have fixed up my house and the appraisal states much
of it,,,but I don't have all of the reciepts for all the work I've
done.
Expert:  R. Greg Paszkiewicz replied 11 years ago.
Any improvements you made to the house increase the basis of the home as well as any get-ready-for-sale expenses. The amount of the appraisal may be a guide but you should really try to estimate what you actually spent. In your case you can qualify for a reduced exclusion based on the number of days you passed the ownership & use test versus the 2 year time limit. The reduced exclusion will equal the days you lived in the home divided by 730 days (2 years) and multiplied by 250k. If you excluded gain on another home within the last 2 years there is a further calculation.

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