I lived in TN for 18 years. Three years ago I purchased a condo in FL. Last year declared that my residence. How are taxes considered on the sale the house in TN?

edmcmahonjr · ‎June 3, 2019

IreneS · ‎June 3, 2019

Did you move to FL in 2018 or 2017? If 2018, what month?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

edmcmahonjr · ‎June 3, 2019

May 2018

IreneS · ‎June 3, 2019

Tennessee only taxes investment income from stocks and bonds (at a flat rate of 5%).

The proceeds of the sale of your TN home are not taxable in TN.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Zbucklyo · ‎June 3, 2019

If you lived in as your primary residence and owned the house in TN for two of the five years prior to the sale date, you can exclude $250,000 ($500,000 if you have a spouse who also meets the condition and you are filing jointly) of the capital gain from the sale.

It doesn't matter when you declared the residence in Florida your primary residence. What matters is how many nights you were at the residence in TN.

Expert does your taxes

Do it yourself

Resources

Support

I lived in TN for 18 years. Three years ago I purchased a condo in FL. Last year declared that my residence. How are taxes considered on the sale the house in TN?