LauraA4
New Member

Married Filing Jointly—How does Capital Gains Exclusion when one qualifies for primary residency on joint property?

Hello, 

Married filing jointly couple own Primary Residence in NY jointly and residence #2 in FL jointly. If one of them changes residency to FL for required period before selling #2 FL property and it qualifies as primary residence for them, how is the Capital Gains Exclusion calculated? and what timeframe would they need to apply it again in NY, assuming the FL resident changes back to NY residency? 

Thanks!