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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13317
Experience:  15years with H & R Block. Divisional leader, Instructor
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How much will the tax be on income from a sale of real property

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How much will the tax be on income from a sale of real property in California if I am over 65 and want to roll 100% of it into a retirement home?

Robin D :

Hello and thank you for using Just Answer,
Sale of the real property and it's taxation will depend on how you used the property. If you owned it and used it as your main home for 2 out of the last 5 years before you sale, you are allowed to exclude up to $250,000 (if you are single and $500,000 if married) of the gain.
Gain will be determined on the difference in what you paid and what you sale the property for.

Robin D :

In any event you can not avoid capital gains by replacing the property for personal use property.

Robin D :

There are some instances where you can replace property with other property (a 1031 exchange) and defer tax but the property cannot be personal use.

Robin D :

So, is this your main home you are looking to sale?

Robin D :

If you can respond we can continue here in CHAT.

Robin D :

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Robin D :

If I switch us to regular Q&A we will not be allowed to go back to CHAT real time.

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