"Taps" <tapsen7[at]gmail.com> wrote in message
news:d2d4fe2e-e9ff-475a-9026-a46eb1b10d3f[at]h11g2000prf.googlegroups.com...
- quote -

California law conforms to federal on this issue.

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Had a question on taxes owed if one sells a house in CA. There is
this rule - if you are filing a married-joint return, and after you
sell your house, if the profits are less than 500,000, you don't have
to pay any taxes on that profit. Is this right ? Or is there a
clause that you have to re-invest that profit to buy another real-
estate property, else it will be taxed ? And is this rule good for
both federal and CA state. Would appreciate your comments on this.

Thanks.

========================================= MODERATOR'S COMMENT:
Old habits die hard. The law requiring investing profits into
another house was superseded May 6, 1997, over ten years ago, by the law
that you are citing which provides, every two years, a $250,000 per person
exclusion of gain.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >