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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4104
Experience:  35 years tax experience, including four years at a Big 4 firm.
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Of selling my home in key west, Fl and concerned with

Customer Question

of selling my home in key west, Fl and concerned with capital gains tax
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Florida
JA: Has anything been filed or reported?
Customer: no not sold yet just thinking
JA: Anything else you want the lawyer to know before I connect you?
Customer: its the place I move to is Hilton Head Island, South Carolina do they have a right to tax my capital gains ?
Submitted: 12 days ago.
Category: Tax
Expert:  PDtax replied 12 days ago.

Hi from Just Answer. I'mCustomer and can assist.

Customer: replied 12 days ago.
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26 November 2016 04:55
of selling my home in key west, Fl and...
of selling my home in key west, Fl and concerned with capital gains tax
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Florida
JA: Has anything been filed or reported?
Customer: no not sold yet just thinking
JA: Anything else you wantthe lawyer to know before I connect you?
Customer: its the place I move to is Hilton Head Island, South Carolina do they have a right to tax my capital gains ?
Expert:  PDtax replied 12 days ago.

If you lived in the Key West home as your principal residence, for more than two years of the last five, there will be no tax on the gain unless your gain is substantial. The first $250,000 in gain would be tax free, more if you are married.

Hilton Head won't tax your gain on this home, and won't tax your gain on a home there either, as long as you qualify.

Thanks for asking at just answer. Positive feedback completes your request. I'mCustomer

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