Capital gains

[Ganjier]

What is the deal with capital gains tax when it comes to selling your home in Florida? What are the exceptions? Does it have to be the sellers primary home.

 

[pute]

No capitol gains tax on your primary home.

 

[Ganjier]

No capitol gains tax on your primary home.

I hate rules.

 

[oldfogey8]

Federal capital gains tax depends on your income. I forget the brackets but it is something like 5, 15 or 20% on business gains(as pute said, not on a primary residence). In Massachusetts, I think it is 5% regardless of income.