Sale of Property

elko2 profile photo

We have owned 5 acres with a house on it for 20 yrs. We wish to sell 3 acres, what percentage of the sale goes to cap. gains state and fed. in the state of California?

Comments(1)

  • ram5th August, 2003

    In the event this is your primary residence and you file jointly, the first $500k should be exempt, subject to your CPA's advise, of course...The latest tax legislation from the IRS taxes capital gains at max. of 15% for individuals...your CPA will need to calculate projected state capital gains in CA...your governor is certain to be out there looking for his part...IRS may rule this a fractional sale of personal residence and you'll need some specific research from your CPA, since you'll be left with a residual basis in a primary residence.

Add Comment

Login To Comment