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I own a home in CA. I have not lived in the home since 2011.

Customer Question
I own a home...

I own a home in CA. I have not lived in the home since 2011. I currently rent the home. I am interested in selling, but I am wondering how much (estimate) I would expect to pay in capital gains taxes (federal/state taxes, etc.). I have tried researching on my own, and never am able to find a clear answer. Thank you!

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

California

Lawyer's Assistant: Has any paperwork been filed?

No.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Don't think so. :)

Submitted: 5 months ago.Category: Real Estate Law
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Answered in 28 minutes by:
3/10/2018
Real Estate Lawyer: Infolawyer, Lawyer replied 5 months ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,722
Experience: Experienced lawyer
Verified
Do you expect to sell above cost of purchase?
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Customer reply replied 5 months ago
Since I've rented the house from July 2011 till now, I'm wondering about depreciation recapture as well. Yes. I owe $213K and expect to sell between $355-365K.
Customer reply replied 5 months ago
Original purchase price $265K.
Real Estate Lawyer: Infolawyer, Lawyer replied 5 months ago
Varies from sale to sale but approx 10-15 percent on the gain.Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Customer reply replied 5 months ago
Yeah, I already know that. How much is federal? How much is California? How much is the depreciation recapture?
Real Estate Lawyer: Infolawyer, Lawyer replied 5 months ago
I will opt out as your inquiry requires an accountant for such detail.
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Customer reply replied 5 months ago
Well, this was pointless and a waste of $5 and my time.
Customer reply replied 5 months ago
Not to mention, I asked about federal and state in my original question, so it's not like that was a surprise.
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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