Author Topic: Understanding Income Taxes in California- CPA'S Welcome!  (Read 1362 times)

Erica

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Understanding Income Taxes in California- CPA'S Welcome!
« on: December 15, 2016, 09:46:26 PM »
Ok so I realize this might be an elementary question but..it's just my husband and I.

The standard deduction for 2016- a married couple is $12,600
Personal exemptions are-$4050 x 2 people= $8100

That is $20,700

So we don't need to file taxes if we make below $20,7000?
And we are considering moving every 2 or 3 years to make a small profit and avoid capital gains tax so any profit from selling a home which is your primary residence for 2+ years is tax free? my online re-search seems to indicate such. I work a job making $27,00 per year but hubby is disabled. Sure he could qualify as disabled but doesn't want to burden taxpayers so we want to make a little $$ by buying and selling real estate instead of burdening tax payers.

I am curious as after my $27K job, I am at a 30% tax bracket when Calif State tax is included. Maybe it is just federal tax which you dodge when living in a residence for 2+ years to avoid capital gains but you don't avoid Calif State taxes? I am unsure

I know these are advanced questions. Thanks so much for your time.

.

 
« Last Edit: December 15, 2016, 09:59:04 PM by Erica »

Erica

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Re: Understanding Income Taxes in California- CPA'S Welcome!
« Reply #1 on: December 15, 2016, 09:53:56 PM »
Sorry for the misspellings