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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 36396
Experience:  Texas Attorney for 30 years dealing in real estate
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I own a condo in NY and one in Florida. I was advised by an

Customer Question

I own a condo in NY and one in Florida. I was advised by an accountant that becoming a Florida resident would not impact the one time exemption of Capital Gains taxes if I sold my NY condo. I now find out that it had to be my primary residence for 2 out of the past 5 years. I am now in year 5 (I have been a Florida resident for 2 years). Should I become a NY resident again? Are there any problems in doing so? Do I have to register my car in NY again? How long do I have to wait to apply for the Star exemption again?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Ray replied 5 months ago.
Hi and welcome to JA.Ray here to help you today. You would need to declare the NY home here your homestead.You would have to then do this for the referenced 2 out next five years.You should consider the reregistering of the car , again to validate your claim.You should register to vote at that address as well.You would file your income taxes using the NY address as your home .You do this to avoid capital gains as you state. You would reapply for the star exception once you have sold in NY and returned to Florida as your homestead. I appreciate the chance to help you today.
Expert:  Ray replied 5 months ago.
To claim the whole exclusion, you must have owned and lived in your home as your principal residence an aggregate of at least two of the five years before the sale (this is called the ownership and use test). You can claim the exclusion once every two years. I would also have tax expert see if you have write offs here against potential gain and see what you would pay here.I mean relocating here back to NY and reregistering your car, there are going to be expenses related to all of this. again.

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