Are there are any exemptions to paying Capital Gains Tx when selling a house in florida,ie length of ownership

Answer 1

It has already been mentioned that indexation allowance can be claimed if the property was bought before April 1998.

Taper relief is available based on the length of ownership. This applies when it has been owned for at least three complete years. For three years there is a reduction of 5% of the gain. Four years and the reduction is 10%, and the reduction increases by 5% for each complete year up to the maximum of ten years (when the reduction is 60%).

If the property was bought before April 1998 it is only the years after that date which count although you get a bonus year if you owned it on 16th March 1998.

Don't forget you can reduce the sale proceeds and increase the purchase price by the associated costs such as legal and agents fees, stamp duty etc.

Transferring part ownership to a spouse before sale can utilise two annual exemptions and lower tax rates if the spouse is not a higher rate taxpayer.

Answer 2

You will get "indexation" (ie an allowance for the general increase in the cost of living) up to April 1998, when GB abolished that very reasonable allowance.

Beyond that, there are reductions in the rate charged for shares and the like when held for a long time, but not property.

Answer 3

You don't say what your residency or domicility status is which may impact on if you need to pay CGT on an asset outside the UK.

It is a complex subject and it may be worth contacting a tax adviser to establish your residency status.

Answer 4

Nope.

Answer 5

Transfer it as a gift to your spouse?