Quote:
Originally Posted by melpetezrinski
You will only pay capital gains at the federal level, since there is no state tax in Florida. If you lived in the home for 2 years, you would be exempt from those capital gains up to $250k for single, $500k for married. Yes, add every expense you can to increase the cost of the home, which reduces your profit and capital gains.
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Great question and great answer. Also isn't the first $80,000? of capital gains taxed at 0%