Gains on two houses in military. Trying to find the most advantageous way to file my taxes and still be legal.
I bought a house in Florida and lived there for 2.5 years. The military then moved me to Texas where I purchased another house.
I am guaranteed to move and sell my home in Texas after 4 years, currently lived in Texas <1 year. Unknown sell date of my Florida home, depends on my next assignment.
My house in Florida has appreciated by ~$100k (foreclosure bought at absolute bottom of market). I suspect my house in Texas will appreciate $10-20k.
I am in the military so I can live away from Florida for 10 years before the 5 year time period kicks in. BUT can I exclude the gains my Texas house during that time? Or should I just pay them as my Florida home is more?
I am also renting my Florida home, does that effect the 10 year exclusion? If it does can/should I just not claim it.
Thanks for your help. |