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Homeseller's Tax Exclusion |
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Hi,
My husband and I moved from New York to Florida a little over a year ago and are thinking about moving again. When we sold our house in NY we didn't have to pay any capital gains tax because we lived there for 14 years. My question is, if and when we sell our house here in Florida will we have to pay capital gains tax this time around. If so, what percentage is it? Thanks for your help. |
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The federal homesellers exclusion can be used more than once, as often as every two years. After you and your husband have made the Florida house your main residence for at least two years, you could sell it and take up to $500,000 profit free of federal capital gains tax.
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Edith
Originally published on November 8, 2007 |
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