You won't owe any tax on the first $250,000 (also known as a gain) you make from the sale of your home (or the first $500,000 if you're Married Filing Jointly). That income is free and clear as long as:
- You owned the home
- It was your main home for two years or more within the five years leading up to the sale
- You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes.
If you qualify based on the criteria above, you would not need to report any gain on a Georgia tax return. If you don't qualify:
Your Home of Record (HOR) is defined as the state where you first enlisted or from where you received a commission from one of the branches of armed services. HOR determines certain benefits, such as travel allowance back to your state when you leave the military. State of Legal Residence (SLR) is considered your permanent home, the state where you intend to live after you leave the military. This state is considered your residency for state income tax purposes, among other things. Your legal residence should be the same place as your legal residence indicated on your Leave and Earnings Statement.
If the house in Georgia was your residence, and your SLR is Texas (or any other state), you do not need to file a Georgia tax return to report any gain. If it was a rental or investment property then it is not covered by the Servicemembers Civil Relief Act SCRA, and you will have to file a Georgia Non-Resident tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
