Taxed if we move to another state?

What is the name of your state? California

We are planning to sell our house and move out of state within the next year. I just heard on the radio that in California, a new tax was instituted on just those kinds of transactions. Apparently, if you sell your house and move out of state within a year, the state levies a 3.1% tax on your profit. Is this true? I can't find any information about it anywhere.

Thanks,

irene

[HomeGuru]

Originally posted by icallaci
What is the name of your state? California

We are planning to sell our house and move out of state within the next year. I just heard on the radio that in California, a new tax was instituted on just those kinds of transactions. Apparently, if you sell your house and move out of state within a year, the state levies a 3.1% tax on your profit. Is this true? I can't find any information about it anywhere.

Thanks,

irene

**A: what did your state tax office say when you asked them?

Haven't gotten that far yet. I'll give it a try, thanks.

irene

[HomeGuru]

Ok, I would think that would have been your first call.