When you sell a home in California, you must complete Franchise Tax Board (FTB) form 593. If you profit from the sale of a home in California, then you may owe some capital gains tax unless you qualify for an exclusion.You'll also need to complete Schedule D (Form 1040) to calculate your capital gains and any exclusions you qualify for. Learn how to calculate capital gains when selling your home in California. A sale of a primary residence may trigger capital gains taxes. We'll explain how to estimate capital gains and explore strategies homeowners may consider. Line 1 – List each capital asset transaction. Column (a) – Description of property. Capital gains are a capital asset's increase in value from the value at which it was purchased. You can use IRS Form 8949 to report details of your capital asset transactions.
