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Robin D.
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Experience:  15years with H & R Block. Divisional leader, Instructor
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I am selling a rental house in CA and using the capital gains to buy an investment propert

Resolved Question:

I am selling a rental house in CA and using the capital gains to buy an investment property in TX. Will CA take taxes out? If so, what percentage? What are exemptions to the rule?
Submitted: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years ago.

Robin D :

Hello and thank you for using Just Answer,


Unless you can show that you will have a loss on the sale, the sales price is below $100,000 or that you are using the 1031 Exchange the withholding will apply in California.
Here is a link to the California guidelines if you would like to read them
https://www.ftb.ca.gov/forms/misc/1016.pdf


Thank you in advance for a positive rating even though I am sure you were hoping for a different answer.

Robin D :

You asked for the rate.


What is the withholding rate?


The withholding rate is 3 1/3 percent of the total sale price, or an optional gain on sale withholding based on the maximum tax rate on the gain on sale as follows:


• 9.3 percent for individuals.


• 8.84 percent for corporations.


• 10.84 percent for banks and financial corporations.


• 1.5 percent for S corporations.


• 3.5 percent for financial S corporations.

Robin D :

Please let me know if you need more information. Customer Last Viewed Today at 12:56

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7870
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and other Tax Specialists are ready to help you
Expert:  Robin D. replied 2 years ago.

Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

Customer Last Viewed on Saturday, September 01, 2012 at 12:56



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Robin D.
Robin D.
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15years with H & R Block. Divisional leader, Instructor