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Dave CPA
Dave CPA, Accountant
Category: Finance
Satisfied Customers: 840
Experience:  I'm a CPA with over 10 years of experience
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I just sold my house in Massachusetts and am purchasing a condo

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I just sold my house in Massachusetts and am purchasing a condo in Florida for cash is there any special tax issues I should be aware of?
Hello,

No there isn't any special tax issue. If this was your primary home and file a joint return in MA and you have lived their two out of the last five years, then you can exclude up to $500K of capital gain ($250K is filing single). So you won't have to pay any taxes up to $500K or $200K depending on your filing status. For your reference, I have enclosed more info from the IRS in the link below.

http://www.irs.gov/taxtopics/tc701.html

There are no issues with buying the home in Florida with cash.

Please let me know if you have any questions before you rate my answer. A positive rating is what I strive for. Regards Dave
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