No, you do not have to pay tax on the sale of the timeshare in either Florida nor Texas because neither of them have an income tax.
Your tax bracket is determined by the amount of income you made, less ant deductions. This will include any wages, but MAY include retirement pay.
- For single taxpayers and married individuals filing separately, the standard deduction is $12,950 in 2021.
- For married couples filing jointly is $25,900, and
- For heads of households, the standard deduction is $19,400.
- If you're at least 65 years old or blind, you can claim an additional 2022 standard deduction of $1,400 ($1,750 if using the single or head of household filing status).
- If you're both 65 and blind, the additional deduction amount is doubled.
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