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i sold a house in California in 2007 for 440k and net capital

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gain of 226k. i moved...
i sold a house in California in 2007 for 440k and net capital gain of 226k. i moved to ohio that same year, but didn't file california personal income tax return. Now, 2009 i got a letter saying i owed 18k, cause the money i made from selling my house in 2007 was taxable. i thought i am exempt, cause i made less than 250k for being single and lived at that house for well over 2 years. Do i just need to file the california personal income tax and then i won't owe anything?

thanks in advance, big headache.
Submitted: 8 years ago.Category: Tax
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7/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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HelloCustomer

When you sell a home, the sale proceeds are reported to you on a 1099 form, and a copy of that same form goes to the IRS and to the state where the home was sold. So the state knows you made a sale, but they do not know that this was your primary residence and that it qualifies for an exemption until you file a return and claim it.

California allows the same exclusion of $250,000 that is allowed by the IRS. But you first must file a return with California and report the sale and claim the exclusion. Once you do that, you should owe no tax on this transaction.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank youCustomer

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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