Capital Gains Tax When Selling Your Key West Vacation Home

Do you owe capital gains tax when selling a Key West vacation home? Yes. If you're selling a Key West home you've used as a vacation property or second home — not your primary residence — you owe federal capital gains tax on your full profit. The $250,000 exclusion ($500,000 for married couples) onl

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Assumable Flood Insurance in Key West: The Question Every Buyer Must Ask

Can You Assume a Flood Insurance Policy When Buying a Key West Home? Yes — NFIP (National Flood Insurance Program) flood insurance policies are fully assumable. A buyer can take over the seller's existing policy at the seller's locked-in rate. In Key West, where new flood insurance policies routinel

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Property Insurance in Key West: What Home Sellers Must Know Before Listing

How Does Property Insurance Affect Selling a Home in Key West? Property insurance in Key West — covering wind, flood, and hazard — now runs $8,000 to $17,000 or more per year for a typical single-family home, depending on flood zone and elevation. These costs have become a major factor in whether fi

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