Tax Exchange

An important exception to the capital gains tax can be had when you are selling your home. You can exclude $250,000 of your profit from the sale of your home if you are single and $500,000 of the profit if you’re filing taxes jointly as a married couple. However, you do have to meet specific requirements to claim this exclusion:

The home must be your primary residence.
You must have owned the home for at least two years.
You must have lived in the home for at least two of the past five years.

Check out this link for the full information.

Topic 701 – Sale of Your Home

* Please be sure to check the appropriate professionals for tax advice