I checked and you're correct.

But even though you only get a $500K exclusion, in order to owe $2M in taxes after the sale you would have to show an $7M-$9M capital gain on the sale, netting you $5-7M in cash. You are not trapped here. Take the money and run if you want.
[Post edited by HokieJay at 04/19/2022 1:39PM]

In response to this post by CrystalCoveHokie

Posted: 04/19/2022 at 1:26PM

Ay chihuahua! Just spoke with a neighbor a few homes down the street -- PhotoHokieNC 04/19/2022 11:42AM

Where to, cowpoke? ** -- Nova Hokie 95 04/19/2022 2:08PM

It’s not 11 yet. Patience, grasshopper. ** -- PhotoHokieNC 04/19/2022 2:18PM

Bburg? ** -- HokiesBill48 04/19/2022 4:37PM

Not in a million years. There through 4 student years + 14 more. Had seen -- PhotoHokieNC 04/19/2022 4:42PM

Haha ** -- HokiesBill48 04/19/2022 8:25PM

Hold out at least for a tank of gas! ** -- Major Kong 04/19/2022 12:26PM

I'm also close to selling. The problem is...where are you going to go? -- Coach McGuirk 04/19/2022 12:11PM

We have thar settled. ** -- PhotoHokieNC 04/19/2022 1:41PM

Van down by the river? ** -- HokieNoVA 04/19/2022 2:43PM

A nice apartment. -- HokieJay 04/19/2022 12:26PM

One of my neighbors just put their house on the market…. -- CrystalCoveHokie 04/19/2022 11:57AM

When are you moving to Aspen? ** -- EDGEMAN 04/19/2022 12:01PM

Can’t afford to sell. Taxes. No place to go….. -- CrystalCoveHokie 04/19/2022 12:11PM

You get a one time exemption from capital gains on a house. -- HokieJay 04/19/2022 1:14PM

Isn’t that limited to $500k?….. -- CrystalCoveHokie 04/19/2022 1:18PM

I checked and you're correct. -- HokieJay 04/19/2022 1:26PM

Other issues…… -- CrystalCoveHokie 04/19/2022 1:35PM

That capital gain is quite possible in CA, but also ... -- vt90 04/19/2022 1:28PM

In CA the gain is treated as ordinary income (13% + 20% fed = 33% total) 🤬 ** -- CrystalCoveHokie 04/19/2022 1:51PM

Yikes! 13% and still no water. ** -- HokieJay 04/19/2022 2:56PM

But we do have highest gas prices ** -- CrystalCoveHokie 04/19/2022 4:06PM

Ouch - that is what I figured. ** -- vt90 04/19/2022 1:54PM

Sucks when you get punished so severely for success ... -- vt90 04/19/2022 12:14PM

Gilded cage ** -- CrystalCoveHokie 04/19/2022 12:36PM

Don't forget you will need to buy another home, which is probably... -- EDGEMAN 04/19/2022 11:56AM

And don't forget we have brains. (and another place to live) ** -- PhotoHokieNC 04/19/2022 3:46PM

No, you don't. You could rent. ** -- HokieJay 04/19/2022 1:19PM

Rent is out of control in most places too. ** -- HokieNoVA 04/19/2022 1:40PM

Selling into a feeding frenzy is awesome. But if it means you have to turn -- Tafkam Hokie 04/19/2022 12:39PM

Do you know if the buyer was a person/family or an investment firm? -- BleedinOandM 04/19/2022 11:47AM

No. And yes, there are corporate investments in out 'hood. Mostly, in the -- PhotoHokieNC 04/19/2022 3:57PM

Of course they're running up the prices, that's where all these cash offers -- HokieNoVA 04/19/2022 1:42PM

Good friends just sold their home near SML, not on the lake but near, very -- 75Hokie 04/19/2022 11:45AM

I checked and you're correct.

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