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Florida Real Estate Course
Chapter 19
Florida Real Estate Practice Question
A married couple filing jointly sells their primary residence in Florida, realizing a total net profit of $650,000. Assuming they meet all ownership and use requirements, how will the IRS treat this profit?
Answer choices
A
The entire $650,000 is tax-free because they are married filing jointly.
B
The $150,000 excess profit will be taxed at their standard income tax rate.
C
The $150,000 excess profit will be taxed at the current applicable capital gains rate.
D
The entire $650,000 profit will be subject to capital gains taxes.
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Florida Real Estate Taxes: Value, Exemptions and Sale Proceeds
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