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The High Burden of State and Federal Capital Gains Tax Rates in California

Top Marginal Tax Rate on Capital Gains 2015, in California.

Rank	State	State Rate	Combined Rate	Rate Under Obama Budget
1	California	13.3%	33.0%	37.2%

Capital Gains Taxes in the United States

500K Tax Free

The current federal top marginal tax rate on long-term capital gains in the United States is a total of 23.8 percent (20 percent plus a 3.8 percent tax to fund the Affordable Care Act) for taxpayers with adjusted gross incomes of $200,000 ($250,000 married filing jointly) or more. In addition, states and some localities levy taxes on capital gains income, which range from zero percent in states with no individual income tax, such as Florida, Texas, South Dakota, and Wyoming, to 13.3 percent in California.

When you sell your home, you may exclude up to $250,000 of your capital gain from tax. For married couples filing jointly, the exclusion is $500,000. Also, unmarried people who jointly own a home and separately meet the tests described below can each exclude up to $250,000.

The law applies to sales after May 6, 1997. To claim the whole exclusion, you must have owned and lived in your home as your principal residence an aggregate of at least two of the five years before the sale (this is called the ownership and use test). You can claim the exclusion once every two years.

The good news is when you sell you primary residence your exemption resets to zero.

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