Ask a question about capital estate taxes

[cgarzia5430]

what are the rules for capital estate sales taxes in Florida

[Anonymous_]

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@cgarzia5430 wrote:
what are the rules for capital estate sales taxes in Florida

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Can you clarify what you mean by "capital estate sales taxes"?

Florida has a sales tax, but there is no capital gains tax nor is there an estate tax.

[Mike9241]

the terminology you used does not make sense. 

You are asking from TT Live, for which you paid extra.

https://ttlc.intuit.com/community/expert-review/help/how-do-i-connect-with-a-tax-expert-in-turbotax-...

 5 AM to 5 PM, PT, Monday–Friday

[cgarzia5430]

My question is about capital gains taxes.  What are the rules when you buy real estate for one price and sell for a higher price.  How long must you live there to avoid or decrease taxes - Is the entire amount of gain taxable? I think speaking with someone would be helpful - Thank you

[VolvoGirl]

For a primary home, if you owned and lived in your house for 2 out of the last 5 years on the date of sale when you sell you can exclude the gain up to $250,000 for single or 500,000 for married from tax.

[xmasbaby0]

Are you asking about federal capital gains tax?   Florida has no state income tax, so why are you mentioning FL?

For your FEDERAL tax return:

SALE OF HOUSE

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premier or Self-Employed software to report the 1099-S