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Date:  Mon, 14 Mar 2005
From:  Lars

Is there still a one time capital gains exemption for real estate sales in California? Do I have to wait until I'm 55 years old or is this good at any time?

Thanks, Lars

Answer

Date:  Fri, 01 Apr 2005

Hello Lars,

No. The old senior citizen exemption for a sale of a principal residence was repealed back in 1997.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

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