Taxes on selling home

[Tyler Harrel]

Hello All,

Looking for some guidance on the profit made from selling a home. I understand that there are closing costs, fees for realtors and possibly repair costs associated with paying for when selling a home, but I am wondering the taxes associated with the profit made from selling the home.

If I don’t use the profit money to buy another property, does that money get taxed? If so, what is it in the state of Florida?

Thanks

[Joe Scaparra]

@Cecile Silver since you lived in the home for 2 years out of the last 5 years you are able to receive tax free gains up to $500,000 since you are married.  It doesn't  matter that you rented the house out for 9 months.  So you now do not have any capital gains to declare.   

@Tyler Harrel  Also living in Florida has no bearing as FL is a state tax free state.