2 years resident tax exemption

[jonab]

What is the name of your state? Florida

My parent bought a property in Orlando FL in November 2003 and in October 2004 filed a quitclaim deed on the property to me and my brother. January 2005 my brother and I quitclaimed it back to my parent. Does 2 years residency for tax exemption on capitol gain count if my parent were to sell the house this coming November 2005 or does 2 years residency tax exemption count start new from January when we quitclaim back to them?

Thanks.

 

[seniorjudge]

Q: does 2 years residency tax exemption count start new from January when we quitclaim back to them?


A: Yes.


http://www.inman.com/bruss/

I am not a tax lawyer but I read that in a Bob Bruss column. (This site has irritating sound so be careful if you are at work.)

 

[jonab]

Thank you. That was very helpful.