Do I need to pay state tax on home gain?
Sunday, February 14th, 2010 at
10:58 pm
I sold my CA primary residence in 2006, then moved to NJ. The gain on the home is federal tax exemptable, however, do I need to pay either CA or NJ state tax on it?
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If you had your house over 2 years and sold it to move into another house…then you don’t pay capital gains….only if it’s a second home (2 homes like a summer house ect…) but if you have to pay it’s the state where the house you sold was in.
Hello, shuanwei! California generally conforms to the federal exemption, so if the sale was excluded from your 1040, it should be excluded from your 540.