S
serenader
Guest
What is the name of your state? Florida
About 17 years ago became legal residents of Florida after living in
Mass all of our previous lives. Filed all proper cerificates of residency
at time. Maintained ownership of home in Mass and transferred ownership into my wife's revocable living trust. Law as I understand it to avoid capital gain tax on sales up to $500,000
owner must be resident of state (primary residence) for the past
3 years. Can the trust be considered the owner of the property
since the property has been so listed for 17 years and can the trust sell the home and avoid the capital gains tax on sales up
to $500,000? My wifes trust is a Florida trust.
My wife and I are in our eighties and are not sure we want to sell the Mass home at this time...but are just interested in the above question. We are both legal residents of Florida as stated above,
voting there and paying taxes there. Thank you!
About 17 years ago became legal residents of Florida after living in
Mass all of our previous lives. Filed all proper cerificates of residency
at time. Maintained ownership of home in Mass and transferred ownership into my wife's revocable living trust. Law as I understand it to avoid capital gain tax on sales up to $500,000
owner must be resident of state (primary residence) for the past
3 years. Can the trust be considered the owner of the property
since the property has been so listed for 17 years and can the trust sell the home and avoid the capital gains tax on sales up
to $500,000? My wifes trust is a Florida trust.
My wife and I are in our eighties and are not sure we want to sell the Mass home at this time...but are just interested in the above question. We are both legal residents of Florida as stated above,
voting there and paying taxes there. Thank you!
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