We are 69 and sold our vacation home in Florida. Do we have to pay income taxes on our profit?

[cdpomeroy]

We owned this property for 7 years.

[tagteam]

"Do we have to pay income taxes on our profit?"

Not to the State of Florida since Florida does not levy an individual income tax.

However, you must report the transaction on your federal income tax return (Form 1040) as well as, most likely, the income tax return for your state of residency.

[cdpomeroy]

I was under the assumption that once you were a senior citizen, you didn’t have to pay taxes on profit even though you report it?

[cdpomeroy]

Ty

[tagteam · Accepted solution]

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@cdpomeroy wrote:

I was under the assumption that once you were a senior citizen, you didn’t have to pay taxes on profit even though you report it?

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I believe you are thinking of the "over-55 home sale exemption". However, that was repealed and replaced in 1997.