What is the name of your state?What is the name of your state?What is the name of your state? California
We have lived in our CA home for over 30 years, and have a million dollar or so cap. gain if we sell right now.
I know we have to pay federal tax on almost a half million.
What happens if we were to move to Washington State in 2005 (it has no income tax)? Would we avoid the CA capital gain tax of 9.3% times $500k because we no longer live in CA when it's time to file our 2005 tax return?
Looking at the Oregon tax website, it appears that Oregon (that has a state tax) would collect the tax on the sale of the CA home.
Thanks in advance for your responses.
We have lived in our CA home for over 30 years, and have a million dollar or so cap. gain if we sell right now.
I know we have to pay federal tax on almost a half million.
What happens if we were to move to Washington State in 2005 (it has no income tax)? Would we avoid the CA capital gain tax of 9.3% times $500k because we no longer live in CA when it's time to file our 2005 tax return?
Looking at the Oregon tax website, it appears that Oregon (that has a state tax) would collect the tax on the sale of the CA home.
Thanks in advance for your responses.