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capital gains tax

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S

serenader

Guest
What is the name of your state? Florida
My wife and I are in our eighties. Approximately 17 years ago we established residency in Florida after having lived in Massachusetts all of our lives. We filed the proper documents of domocile and relinquished voting rights in Mass. We have voted and paid taxes in Florida since then. We retained ownership of our home in Mass. transferring that ownership into my wife's living
revocable Florida Trust. My question is: since the trust has been
the owner of the house for all these years, can the trust be construed as having "lived" there for the two years (or more
of the last five....so that the trust can now sell this Mass. home and still avoid capital gains taxes up to $500,000 as the law
provides? :confused:

We are not currently considering the sale of this home, but wouldlike to be prepared with the above solution ,should it become an option.
 


R

roamer5

Guest
You are allowed the exclusion only for your main home, which generally is the one you live in most of the time. Whoever inherits
the home in MA will have as their cost basis the fair market value at that time.
 

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