out of state property

[lili2000]

What is the name of your state? CA

We are trying to buy an investment property in UT....are there any differences in loan processing? Do we have to pay taxes in UT or CA on the income we are making on the house by leasing it?
In CA you can make $500k on a house before you have to pay taxes on the capital gain if you lived in the house for 2 years....does same apply in UT for primary residence?
Thank you in advance for any helpful information..

[HomeGuru]

Originally Posted by lili2000

What is the name of your state? CA

We are trying to buy an investment property in UT....are there any differences in loan processing? Do we have to pay taxes in UT or CA on the income we are making on the house by leasing it?
In CA you can make $500k on a house before you have to pay taxes on the capital gain if you lived in the house for 2 years....does same apply in UT for primary residence?
Thank you in advance for any helpful information..

**A: this is not the Tax Law forum.