Question

I lived in TN for 18 years. Three years ago I purchased a condo in FL. Last year declared that my residence. How are taxes considered on the sale the house in TN?

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Deluxe Windows

Did you move to FL in 2018 or 2017? If 2018, what month?

edmcmahonjrAuthor

May 2018

Tennessee only taxes investment income from stocks and bonds (at a flat rate of 5%).

The proceeds of the sale of your TN home are not taxable in TN.

Employee

If you lived in as your primary residence and owned the house in TN for two of the five years prior to the sale date, you can exclude $250,000 ($500,000 if you have a spouse who also meets the condition and you are filing jointly) of the capital gain from the sale.

It doesn't matter when you declared the residence in Florida your primary residence. What matters is how many nights you were at the residence in TN.