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dkhuang10
Level 2

Will I owe Maryland capital gains/income tax on a primary residence home sale in Florida? I am a new resident of Maryland.

I lived in the house in Florida for over five years as my primary residence, so I know that for federal taxes, I will not owe for capital gains. However, I am not sure if Maryland will tax me on the capital gains.

thank you!
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CalCountry
Level 6

Will I owe Maryland capital gains/income tax on a primary residence home sale in Florida? I am a new resident of Maryland.

Maryland conforms to the federal provisions on exclusion of capital gain on the sale of a principal residence.  So, whatever gain was excluded from taxation on your federal return will be exempt from taxation on your Maryland state income tax return.

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CalCountry
Level 6

Will I owe Maryland capital gains/income tax on a primary residence home sale in Florida? I am a new resident of Maryland.

Maryland conforms to the federal provisions on exclusion of capital gain on the sale of a principal residence.  So, whatever gain was excluded from taxation on your federal return will be exempt from taxation on your Maryland state income tax return.
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