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Moving to Maryland, capital gain tax for selling investment property in Florida

I have an investment property in Florida, and as I am moving to Maryland, I am selling it. Do I own Maryland state tax / capital gain tax or any other related tax for selling this property? Does it matter whether the closing happen before or after establishing a Maryland residency? I am moving to Maryland in July, so I understand that I have to pay state tax for the whole year. Thank you!

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2 Replies
GiseleD
Expert Alumni

Moving to Maryland, capital gain tax for selling investment property in Florida

Maryland begins its calculations with federal AGI. The capital gain on this property will be included in your AGI. However, part-year residents include a subtraction for income received while a nonresident. So the timing of your closing and when you establish residency are important. 

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TomD8
Level 15

Moving to Maryland, capital gain tax for selling investment property in Florida

Your residency in MD is "established" on the day you begin living in your new permanent home (your new domicile, in tax terminology) in MD.  (Temporary lodging such as a hotel doesn't count.)

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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