2024 tax

[rbbice]

While living in Florida we sold our house. Then we moved back to Massachusetts. How does this effect our Massachusetts taxes?

[dev145]

Hello rbbice,

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. 

https://budget.digital.mass.gov/bb/h1/fy10h1/tax10/items/htax1021.htm#:~:text=Taxpayers%20may%20excl....

https://www.irs.gov/taxtopics/tc701

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