How to Manage Capital Gains Tax When Selling Property in the Sunshine State
When offloading a residence in Florida, you don't face state capital gains tax, boosting your returns. You should consider the IRS's main home exclusion if you've resided in the property for two out of five previous years—permitting up to a $500,000 tax exemption for joint filers or $250,000 if unmarried. Upgrades can increase your real estate’