This is my primary residence in Florida. My agent says that I need to stay in it for 2 years plus one day not to pay the $15,000+ tax (out of my own pocket) on a $100,000 profit. Status: single, sole owner. Only have this residence. No short sale involved situation. Is the agent correct?
It's called a capital gains tax and it has many exemptions so you don't have to pay. Talk to your accountant or call me in the morning to discuss
Not exactly. This is a prime example where a little bit of knowledge about legal issues can be misconstrued and lead to the dissemination of inaccurate information. There are many exemptions available, and even if you only stay in the home for a year, you may defer some, if not all, of the gains you receive on the home sale. Speak with a knowledgeable tax accountant or tax attorney in your area. They will be able to give you the correct information to make an informed decision.
Carol Johnson Law Firm, P.A. : (727) 647-6645 : firstname.lastname@example.org : Wills, Trusts, Real Property, Probate, Special Needs: Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact me if you feel you need additional assistance with your matter.