I own a home in FL for over 8 yrs and was told if I sold my home because I lived in the home 3 yrs I didn’t have to pay taxes if sold I dont pay taxes

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I own a home in FL for over 8 yrs and was told if I sold my home because I lived in the home 3 yrs I didn’t have to pay taxes if sold I dont pay taxes

If I sell my home I have lived in for over 8 yrs do I have to pay taxes on the sale? I want to buy another house in another state with the proceeds from the sale of this house, is this true that I don’t have to pay the taxes on the sale of my primary residence?

Asked on June 14, 2009 under Real Estate Law, Florida

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

What you are referring to is capital gains tax.  And yes, usually two or three years is the marker but it is only at a certain cap.  I believe in your state it is up $250,000.00 capital gains if you have lived in the home as your primary residence for two of the past 5 years.


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