But, you can only have one home as your principal residence. If you have established residency in Florida, and filed your taxes as a Florida resident for the past several years, it is likely that your Virginia home will be seen as a second home and not eligible for the principal residence exemption.
The tax law states that a seller who has owned and used a home as a principal residence for at least 2 of the last 5 years before the sale can exclude from income up to $250,000 ($500,000 for married filers) of gain. TurboTax will help you determine your exclusion.
To enter, follow these steps:
- Under the Federal menu, choose Wages & Income
- Expand the menu for Less Common Income
- Click Start/Revisit next to Sale of Home (gain or loss)
- Enter the information on the screens that follow
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