How much is the Capital Gains Tax on a home sale in Florida?

Answer 1

No state tax for Florida, so would only be federal income tax. If you've lived in the house as your primary residence for 2 out the last 5 years then you can exempt up to $250,000 in gain if single, and $500,000 in gain if married filing jointly. Otherwise, if you've lived in the house longer than 1 year your gain would be maximum of 15% (5% if you are in either the 10% or 15% bracket). If you've lived in the house less than 1 year it would be short-term gain, and would be taxed at your regular tax rate.

Answer 2

Florida does not have personal income taxes, so only the US taxes apply.

if you've lived in the house for two of the preceding five years, the first 250k profit isn't taxable [500k if you're married and both lived there].

otherwise, capital gains taxes apply as usual.

{exception, if you inherited the home the date of valuation is the date of death of your ancestor and the cost for tax purposes is the value in the estate.}


does this help?