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Updated about 8 years ago,
Short Term Capital Gain Tax in CA
Hi !! I have a question about tax rate on capital gain, I got multiple rates, and not sure which to rely on
I made X amount on a short term sale in Los Angeles, Bought the property in January 2016 and got offered a high price to sell in November. Two issues there, the first one is I was living in it the whole time, and there is no chance I could prove the contrary. I have not done any upgrades to the condo. Lets say I fall into a 25% tax bracket, what will be my combined tax rate. I understood it would be a combined 33.3% if I were to sell after one year anniversary, but I just wanted to know how high the Short Term Sale would hit me. Please correct me if the above are wrong
Thanks for your answers