https://ttlc.intuit.com/community/taxes/discussion/2024-tax/01/3399304#M1253337 <P>While living in Florida we sold our house. Then we moved back to Massachusetts. How does this effect our Massachusetts taxes?</P> Wed, 30 Oct 2024 17:27:33 GMT rbbice 2024-10-30T17:27:33Z https://ttlc.intuit.com/community/taxes/discussion/2024-tax/01/3399304#M1253337 <P>While living in Florida we sold our house. Then we moved back to Massachusetts. How does this effect our Massachusetts taxes?</P> Wed, 30 Oct 2024 17:27:33 GMT https://ttlc.intuit.com/community/taxes/discussion/2024-tax/01/3399304#M1253337 rbbice 2024-10-30T17:27:33Z https://ttlc.intuit.com/community/taxes/discussion/re-2024-tax/01/3399320#M1253338 <P>Hello&nbsp;<SPAN class="UserName lia-user-name lia-user-rank-Level-1 lia-component-message-view-widget-author-username"><A id="link_6" class="lia-link-navigation lia-page-link lia-user-name-link" href="https://ttlc.intuit.com/community/user/viewprofilepage/user-id/5635082" target="_self" aria-label="View Profile of rbbice"><SPAN class="">rbbice,</SPAN></A></SPAN></P> <P>&nbsp;</P> <P><SPAN class="UserName lia-user-name lia-user-rank-Level-1 lia-component-message-view-widget-author-username"><SPAN class="">Here is general answer without knowing where the home was located. If this was your primary home, located in FL and you lived and owned this home 2 out of 5 years, you are eligible to exclude gain of up to $250,000 for single and $500,000 married joint return. Assuming this was FL home, there will be no tax due to MA. Also MA follows same rule as federal for primary home sale.&nbsp;</SPAN></SPAN></P> <P><SPAN class="UserName lia-user-name lia-user-rank-Level-1 lia-component-message-view-widget-author-username"><SPAN class=""><A href="https://budget.digital.mass.gov/bb/h1/fy10h1/tax10/items/htax1021.htm#:~:text=Taxpayers%20may%20exclude%20up%20to,of%20the%20previous%20five%20years" target="_blank">https://budget.digital.mass.gov/bb/h1/fy10h1/tax10/items/htax1021.htm#:~:text=Taxpayers%20may%20exclude%20up%20to,of%20the%20previous%20five%20years</A>.</SPAN></SPAN></P> <P><SPAN class="UserName lia-user-name lia-user-rank-Level-1 lia-component-message-view-widget-author-username"><SPAN class=""><A href="https://www.irs.gov/taxtopics/tc701" target="_blank">https://www.irs.gov/taxtopics/tc701</A></SPAN></SPAN></P> <P><SPAN class="UserName lia-user-name lia-user-rank-Level-1 lia-component-message-view-widget-author-username"><SPAN class="">Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN>&nbsp;</SPAN></P> Wed, 30 Oct 2024 17:33:59 GMT https://ttlc.intuit.com/community/taxes/discussion/re-2024-tax/01/3399320#M1253338 dev145 2024-10-30T17:33:59Z