If I become a RESIDENT of Florida and than sell my home in New York where I lived for more than 20 years in a couple of years, will I still be entitled to the $250,000 capital gains tax break on the sale of my New York home.”-->Yes; when you, as a single home owner, sell your primary residence, you can make up to $250,000 in profit as long as you have owned and occupied your primary dwelling at least 24 of the last 60 months before its sale.
“Or do I have to sell the New York home before coming a resident of Florida”---> As long as you meet the condition, as said above, to claim your $250,000 CG tax break UNDER federal tax law, NOT under the state tax law. You can sell your primary home whenever you want. |