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Dave CPA
Dave CPA, Accountant
Category: Finance
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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?

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.

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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