All Forum Posts by: Jennifer H.

Hello @Nicholas Aiola, thanks in advance for your time and knowledge.

Could you please give me a ballpark idea of capital gains tax amount for a primary residence home in California, purchased for $550k and being sold for 1 Million?   

Seeing a lot of conflicting information on web and using calculators.  Rough ballpark figure is fine, just trying to see if the 250k exemption is going to get anywhere near covering it.

thank you!

Thanks all for the replies, very helpful.

Will the fact that he went from co owner/title holder, to sole owner/title holder in the last six months affect his 250k exemption eligibility?

I'm wondering if he had to be sole owner/title holder for the last two years to qualify.

Any particular suggestions on finding a good Real Estate CPA?  I don't like the Yelp route I find it pretty unreliable.  I'm browsing the classified section here now and may post there, and sort of randomly looking at profiles of posters here.

Again thanks all and hope everyone has a great new year.

Hi all, three quick questions.

1) Just wondering if there anything, beyond the 250k exemption, my friend selling his residence can do to avoid the capital gains tax.

He's in California, single and has lived in the home more than 2 years. I think only in the last 6 months he went from shared title holder/owner to sole owner and only one on title.

2) I've heard one can do a contingent purchase on the new home to avoid capital gains, but I'm finding little on this.  Is that true and is this the 1301 sale?

3) Is a CPA specializing in Real Estate the correct person to ultimately consult on this?  I'm basically just researching and helping get ducks in a row before he speaks to someone.

thanks for your time and knowledge.