Marketed as 'The Riviera of America' perhaps Niceville's name was chosen for Nice, France situated on a beautiful bay with a temperate climate along the French Riviera. As interest in the local area grew McCaskill marketed land along the Choctawhatchee Bay as The Vale of Paradise.
In the case of a sale or exchange of property by an unmarried individual whose spouse is deceased on the date of such sale, paragraph (1) shall be applied by substituting â$500,000â for â$250,000â if such sale occurs not later than 2 years after the date of death of such spouse and the requirements of paragraph (2)(A) were met immediately before ...
In the 2012 tax year, a single person can exclude his first $250,000 in gains from taxes, and a married couple filing jointly can exclude $500,000. This means that you can sell the house and do whatever you want with the income without paying taxes on it.f you sold the property at a profit, you will have to pay 25 percent federal depreciation recapture tax and Callifornia state income tax on the total accumulated depreciation.