In Florida the seller customarily pays documentary stamp tax on the deed, which is $0.70 per $100 of the sale price. Florida has no state income tax, but that doesn't mean your sale is tax-free. Depending on your situation, your profit may be subject to federal capital gains tax. If the home was your primary residence and you meet the ownership and use tests, you may be able to exclude part or all of your gain. How long you owned it, how you used it, and what you put into improvements all affect the answer. I'm not a tax advisor, so please talk with your CPA before you list. When we sit down together, I'll walk you through an estimated net sheet so you know what to expect at closing, and we can talk about where you're headed next.
Thinking about selling? Start with my seller's guide: https://relocatingtoparadise.com/sell-your-apollo-beach-home/
No comments yet. Be the first to share your thoughts!