[CatOwner]

Every state I have lived in if you have lived in the house 2 years or longer and then sell and if you make a huge profit there is no tax to be paid.

We sold a house 3 years ago and made over 150k and did not have to pay any taxes on it.

We owned the house for over 23 years. It sold for a bit over 4 times what we paid for it. In the heart of Silicon Valley near Apple in one of the best public school districts in the country. Yes, we far exceeded the exemption on selling a house as far as Federal and California capital gains were concerned.

[luckystarmom]

Where did you move?

My Almaden Valley dentist said that’s the daily topic of conversation with all his patients.

It’s crazy how many are leaving!

[greeneyes]

If you buy another house for the same amount, and soon enough, you should be able to defer the gains.

Also, at one time there was provision that you could take a one time exemption for sale of your principle residence.

Not sure how the new rules might have changed this.