I am active duty military stationed in CA. I am a legal resident of FL (no state income tax). I own a home in CA, my primary residence. I am looking to sell my rental home in FL. What type of situation does this put me in when paying capital gains tax on the sale of my rental home? I will loose my FL residency next year. Would it be benefical to sell the FL home now? What can I do to reduce my taxes?
Any help would be greatly appreciated!
Robin

I probably don't have to remind you of these two facts, but I will anyway:
1. If you have your FL home set as your primary residence, you don't have to pay state income taxes.
2. Florida's real estate markets have been hit harder than most states'.
If you already have a lease agreement signed on the property, and you're not losing money on it, what's the rush to sell it?
Best of luck