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Cap gain on sale of residence
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TSRTSLa1
Level 1
02-12-2022
12:34 PM
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A client moved from CA to PA mid year. She sold her personal residence in CA while a PA resident. Does PA tax that gain?
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TaxGirl3
Level 5
02-14-2022
10:10 AM
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I assume the gain exceeds the 250k/500k exclusion, if applicable? Taxable gain will be taxed by CA because it is CA property, regardless of residency. PA provides a resident tax credit for the amount of income sourced to, and taxed by, CA.
TaxGirl3
Level 5
02-14-2022
02:43 PM
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Good point. In general, if eligibility requirements are met, PA doesn't tax gains on the sale of a principal residence. I had been thinking that only applies to in state residences, but it looks like they will simply fully exclude the gain on PA Schedule 19 regardless.
Of course, CA will still view it as CA sourced income.
