I’d like to hold my amzn stock once my RSUs vest in Nov. However i’m moving from Washington to California this Dec. From an income tax perspective, what is the right move here? Do I need to sell before I move in order to pay the lower WA income tax and re-buy so that i then only pay CA income tax on the gains thereon?
If they vest in November, isn't it the same as purchasing it in the month?
Should i sell 1 day before the move so that cap gains if any between vest and sale arent taxed CA state tax? Then buy again
If you have that many shares vesting, then I probably would consider at least computing the gains to see if it's worth the hassle. Probably would talk to an accountant though
And they take taxes out of the granted shares based on WA income tax. You would pay cap gains in CA when you sell.
Should i sell 1 day before the move so that cap gains if any between vest and sale arent taxed CA state tax? Then buy again
Yes. CA capital gains rate is just under 10% if your income is btw $115k-$550k. It’s 0% in WA. That’s only paid on any appreciation in value since the time of vesting, though.
India
Yesterday
506
How to save India from destruction?
Tech Industry
Yesterday
4360
11 offers to laid off[UPDATE]: 5 offers
Tech Industry
Yesterday
605
The new Tesla Model 3 P goes from 0-60 in 2.9 seconds
Tech Industry
Yesterday
1832
TESLA UP 14% AFTER HOURS 🎉🎉🎉🎉
Data Science Career
Yesterday
297
How many hours a week do you work?
Waiting until Jan will simplify tax filing. You shouldn't owe any CA taxes on non-CA income if you lived here less than 6 months. If you do come in December, make sure you file only the 1 month of W2 income on your CA state income taxes. Don't submit the prior years income.