I currently reside in Mass. but I also have a home in Florida. What are the tax implications on the sale of the Mass residence if I decide to become a Florida resident?
Your federal income tax liability will be determined by your sale profits, your marginal tax bracket, and whether the capital gains exclusion on the sale of your primary residence applies.
You will have to check with the MA state department of revenue on the state tax liability you incur when you sell your house.
I don't think that's the issue at all. If you've been there for 2+ years as a primary residence, then you can keep all of it. Otherwise you need to worry about short/long term capital gains.
Your federal income tax liability will be determined by your sale profits, your marginal tax bracket, and whether the capital gains exclusion on the sale of your primary residence applies.
You will have to check with the MA state department of revenue on the state tax liability you incur when you sell your house.
I don't think that's the issue at all. If you've been there for 2+ years as a primary residence, then you can keep all of it. Otherwise you need to worry about short/long term capital gains.