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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13147
Experience:  15years with H & R Block. Divisional leader, Instructor
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Regarding my earlier question. How would the long term gained

Customer Question

Regarding my earlier question. How would the long term gained be calculated in terms of California tax? And if we physically moved to Texas on say June 1 and the CA property sale CLOSED on say July 1 would that help us (ie: we could we file part year CA tax resident and avoid the CA taxes)/
Submitted: 3 years ago.
Category: Tax
Expert:  Robin D. replied 3 years ago.

Robin D : Hello and thank you for using Just Answer,You would be a part year California resident but that is California property so the tax would not be lessened.
Robin D : California would tax as longterm holding. The CA Schedule D would be used
Robin D : The gain would not be any different then the Federal gain amount and is calculated the same.
Customer : Thanks. What is CA's long term tax rate?
Robin D : tax capital gains as high as 13.3%
Robin D : California (as I advised previously is one of the highest)
Robin D : Thi sis a follow up
Robin D : you are not required to rate again.
Robin D : If you have another question about this specific subject just post it under the original.
Robin D : When you have a different tax question, when you visit your question homepage, you’ll see a link to request me again. This link displays and works whether I am online or offline.
Customer : OK. So if I am in 15% **FEDERAL** tax bracket or lower CA would tax me zero%?
Robin D : California will tax you at your regular tax rate if you are in the federal bracket of 15
Robin D : Sorry for delays
Robin D : system seems sluggish
Customer : Actually, I will be higher than 15% FEDERAL rate so it looks likes CA will tax it my regular tax rate.
Robin D : Yes
Customer : OK
Customer : I won't rate you. Correct?
Robin D : I know you already thought about it but if you could have held on for just a few more months
Robin D : You do not have to
Robin D : This is the same question you already rated
Robin D : thanks for that rate