I own a home in FL for over 8 yrs and was told if I sold my home because I lived in the home 3 yrs I didn’t have to pay taxes if sold I dont pay taxes

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

I own a home in FL for over 8 yrs and was told if I sold my home because I lived in the home 3 yrs I didn’t have to pay taxes if sold I dont pay taxes

If I sell my home I have lived in for over 8 yrs do I have to pay taxes on the sale? I want to buy another house in another state with the proceeds from the sale of this house, is this true that I don’t have to pay the taxes on the sale of my primary residence?

Asked on June 14, 2009 under Real Estate Law, Florida

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 15 years ago | Contributor

What you are referring to is capital gains tax.  And yes, usually two or three years is the marker but it is only at a certain cap.  I believe in your state it is up $250,000.00 capital gains if you have lived in the home as your primary residence for two of the past 5 years.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption