Hello!
That's a big move! How exciting!
Unfortunately, the answer to your question is the classic accountant's 'it depends'.
I am assuming the house sold in Missouri was your primary residence and you elected to exclude the qualified amount of that gain. I am also assuming that the Florida property served as your primary residence for the months of ownership. If those are correct assumptions, you must wait two (2) years between excluding gains on a primary residence. So, yes, if you sell the Florida home before owning and living in it, you will have to pay tax on any gain you enjoy. There are some exceptions that might allow you to prorate the exclusion on the Florida home, such as moving due to military orders or work.
The capital gains tax would be due on the tax return for the year of the sale. I'm a little unclear on whether you sold it in 2022 or expecting the sale to occur in 2024.
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Elizabeth W., EA
