Capital gains within California

[Darren Gregory]

Hello,

I am selling my house in Oakland Ca. and moving to San Diego Ca. A friend told me there may be a way to defer capital gains taxes if purchasing a home within a certain time frame. Does anyone know anything about this? It was my understanding that I will get a 250k deduction but that was essentially it other than investments I've made to my current home. Any other savings suggestions when it comes to capital gains taxes?

Much appreciated and thank you

Darren

[Darren Gregory]

Thank you Michael,

I knew the first rule you mentioned but not the 2nd. I had the same understanding of what you were telling me but when my friend mentioned this I thought perhaps I missed something. 

Thank you so much for your input, I very much appreciate you taking the time to get back to me

Darren