If you sell your Florida home for a higher price than you originally paid for it, the profit may be subject to a federal capital gains tax. The amount you’d owe depends on several factors, such as how long you’ve owned the property, and your current income. However, you may qualify for Florida’s capital gains tax exclusion, which could potentially eliminate your entire capital gains tax liability altogether. What are Capital Gains? Capital gains are the profits you make when you sell an appreciable asset, like real estate. For example, let’s say you bought your home for $600,000 and you eventually sell it for $1,000,000. In this case, you’d have a capital gain of $400,000. How Does The Capital Gains […]