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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 9740
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My mother in law, a widow, sold her primary residence in Ca.this

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My mother in law, a widow, sold her primary residence in Ca.this year. She will have been living with us for the whole tax year. The sale price was $435K.

1. How much tax will she owe federally?
2. Will she have to pay taxes both in Ca. and Az (where she currently lives)?
3. If so, how much to each?

NPVAdvisor :


NPVAdvisor :

As long as she lived in the home for any 24 months out of the last five years, there will be an exclusion of $250,000 of capital gains (for one filing as single) at the federal level

NPVAdvisor :

Depending on her domicile for the tax year in Question, each state probably has a credit for taxes padi to another state ... let me check on that for you

NPVAdvisor :

Regarding CA, see this

NPVAdvisor :

Regardng Arizona: As a part-year resident, you are subject to Arizona tax on any income you earned in Arizona while an Arizona resident and any income you earned from an Arizona source before moving to (or after leaving) the State. If you are subject to tax by both Arizona and another state on the same income, you may be eligible for a tax credit. For more information, see Arizona Form 309.

Lane and 4 other Tax Specialists are ready to help you

I noticed that you rated my service as just OK... I was in the middle of asking you to provide the basis (purchase price plus improvements to the property) so that I could run some numbers for you.

If you can verify that she lived in the home for 24 months out of the last five, and exact dates she lived in AZ, AND how she files I can get you some more detail.

Let me know,


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