Yeah, much more than if the house were in most parts of the country. Live in that house for 23 years, plus deferred capital gains from the house we previously owned for 9 years. We're looking at some monster capital gains tax bills for federal and California, even after the $500K exemption. A first world problem, to be sure. Barring some overlooked tax-related issue, this April will be the last time we file in California. :D
For personal reasons, I can’t leave the Bay Area, but, man, it’s tempting.
I get that. We were tied to California until a couple of years ago. Once our only child moved to Texas in 2016, it was just a matter of time before we followed suit.
The political and tax situation in some places makes home ownership a complete waste of time.