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TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 13982
Experience:  15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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I am about to sell my primary residence in wash dc and

Customer Question

I am about to sell my primary residence in wash dc and expect to have a sizeable gain after calculating my exclusions. My question relates to the DC code. I will still be a resident of dc when the house is sold, but will then relocate to florida or texas. Will my capital gains on the sale be prorated based on my time living in dc or will the entire gain be taxed because I was a dc resident when the sale is made?
JA: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Is there anything else important you think the Accountant should know?
Customer: I am 65 if that matters.
Submitted: 1 month ago.
Category: Capital Gains and Losses
Expert:  TaxRobin replied 1 month ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  TaxRobin replied 1 month ago.

Your tax to DC is on the income while you are a resident of DC. Selling DC property makes the gain taxable to DC. Even if you move and are a part year resident, the sale happened while a resident an dthe property is in the state so it is all DC sourced.

Please let me know if you need clarification. If you do not then a positive 5 star rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)

Expert:  TaxRobin replied 1 month ago.

Did you need me to explain further?