Legal Question in Tax Law in California
Is equity taxable as personal income?
Is the equity of primary residence taxable as personal income is you sell the home and don�t re-invest it? I already know that I don�t have to pay capital gains because I have lived in the home for two of the last five years. But some one told me that if I sell my home I need to add the equity of the home onto my wages come tax time.
Asked on 11/13/04, 4:23 pm
1 Answer from Attorneys
Ken Koenen
Koenen & Tokunaga, P.C.
Re: Is equity taxable as personal income?
No, it is not. Capital gain is the only tax you pay, and you have a $250 or $500K exclusion.
Answered on 11/13/04, 7:44 pm
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