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Old 05-09-2011, 04:03 PM
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capital gains tax break on the sale of my home.

If I become a RESIDENT of Florida and than sell my home in New York where I lived for more than 20 years in a couple of years, will I still be entitled to the $250,000 capital gains tax break on the sale of my New York home. Or do I have to sell the New York home before coming a resident of Florida

Thank you



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Old 05-10-2011, 03:02 AM
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If I become a RESIDENT of Florida and than sell my home in New York where I lived for more than 20 years in a couple of years, will I still be entitled to the $250,000 capital gains tax break on the sale of my New York home.”-->Yes; when you, as a single home owner, sell your primary residence, you can make up to $250,000 in profit as long as you have owned and occupied your primary dwelling at least 24 of the last 60 months before its sale.

“Or do I have to sell the New York home before coming a resident of Florida”---> As long as you meet the condition, as said above, to claim your $250,000 CG tax break UNDER federal tax law, NOT under the state tax law. You can sell your primary home whenever you want.



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