Capital gains tax on sale of residence
We (a married couple) bought our home in CT in 2006 for $302,000. It would likely sell for around $400,000 now. For the past eight years we have been snowbirding from CT to FL to our condo there. Our residence for tax purposes is FL, although we spend at least five months at our home in CT each year. Neither property has ever been rented out. For capital gains tax purposes of living in the CT home for at least two of the past five years prior to sale, would the time we spent in the CT home (at least five months of every year - 25 months over a five year period) count toward the two year requirement to avoid capital gains tax or does it have to be one 12 month consecutive period to count for a year?
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