Beyond the asking price: what a seller actually nets

Sellers often focus on the list price. The number that matters is what you keep after the sale, and what that money needs to do next.

The main deductions

• Mortgage and any home equity line payoff.
• Brokerage commission, which is negotiable.
• Seller closing costs. In Florida these often include documentary stamp tax on the deed, which is set by state law and differs in Miami-Dade County. Which party pays it, and who pays for title insurance, is decided by the contract and local custom, so check your contract.
• Prorated property taxes and association dues.
• Any repair credits negotiated after inspection.

Tax questions to bring to your CPA

Whether you owe tax on the gain depends on your cost basis (what you paid plus qualifying improvements), how long you owned and lived in the home, and whether it was a primary residence, second home, or rental. Gain on a primary residence may be partly or fully excluded from federal income tax if you meet the IRS ownership and use tests. Rental and investment property may be eligible for a 1031 exchange instead.

Where are you going next?

If you are buying another Florida home, homestead portability may let you transfer all or part of your Save Our Homes benefit to the new home. There are filing requirements and time limits, and Florida property tax rules can change, so confirm your situation with the property appraiser in the county where the new home is before you sell.

Keep a simple folder of closing statements and improvement receipts. It makes the cost-basis conversation much easier.

Sources: Florida Department of Revenue: Documentary Stamp Tax, IRS Publication 523, Selling Your Home, Florida Department of Revenue: Property Tax Exemptions, Save Our Homes and Portability. Last reviewed September 28, 2026.

Stoic IQ content is general educational information about real estate. It is not legal, tax, financial, or lending advice. Consult qualified professionals about your specific situation.