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Old 05-03-2015, 12:37 AM   #21
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I'm confused by the above statement. Doesn't California tax yourr gains whether you buy in CO or not? And since the Colonel only has $150k equity, I'm assuming that he's below the $500k capital gains exclusion? Does that exclusion apply to CA state taxes as well?
It's been a while since I've sold a primary residence, but I believe that the gains are taxable unless you (1) are over age 55 or (2) roll the cap gains into another property.

The CA state tax bureau sent us a threatening letter several years after we sold a property and moved to Hawaii. The letter implied that we'd realized cap gains and so had to pay cap gains taxes. It even included a helpful coupon to fill out with our payment and a pre-addressed return envelope.

In very fine print on the bottom of the fourth page, it mentioned that different IRS rules might apply to some people. It left it up to us to figure out exactly what those rules might be and whether they applied to us.

However I wonder how many people would have read that far and would have just paid the tax. I resented the state's effort to intimidate military servicemembers into needlessly paying taxes.
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Old 05-03-2015, 11:59 AM   #22
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California is definitely outrageous in that regard. I did some consulting for a company domiciled in CA while I resided in TX. Never stepped foot in CA that year. But the the tax and spendaholic state tried to come after me for income taxes on the consulting $ !!!!

Unbelievable!
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Old 05-03-2015, 02:48 PM   #23
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I found an App a few months ago called military retirement. Cost maybe a dollar or two but gives you firm numbers on SBP premiums, tricare costs, VA Disability, federal taxes, take home pay, etc all based on your retirement dates. Puts all the info in one spot and let's you run different scenarios based on dates, SBP coverage etc. might be helpful.



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Old 05-03-2015, 04:10 PM   #24
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I found an App a few months ago called military retirement. Cost maybe a dollar or two but gives you firm numbers on SBP premiums, tricare costs, VA Disability, federal taxes, take home pay, etc all based on your retirement dates. Puts all the info in one spot and let's you run different scenarios based on dates, SBP coverage etc. might be helpful.

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JSP1; Thanks; I will check it out.
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