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/u/Relevant_Lunch_3988
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Hello Everyone, not sure where to post this but figured here was a good start.
So my parents own a home in California. It was our primary residence for 13 years. But we moved to a different state more than a decade ago. They have rented the property but are thinking about selling it.
Since it was our primary residence before it became a rental would they still have to pay all capital gains taxes? Federal or state?
Would it be best for them to move back for a couple years to not get charged capital gains?
Any help or pointing in the right direction would be appreciated!!
submitted by /u/Relevant_Lunch_3988
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California Capital Gains?
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So my parents own a home in California. It was our primary residence for 13 years. But we moved to a different state more than a decade ago. They have rented the property but are thinking about selling it.
Since it was our primary residence before it became a rental would they still have to pay all capital gains taxes? Federal or state?
Would it be best for them to move back for a couple years to not get charged capital gains?
Any help or pointing in the right direction would be appreciated!!
submitted by /u/Relevant_Lunch_3988
[link] [comments]
California Capital Gains?
Continue reading...