You can use your condominium as your main home if you pass the ownership and use test.
- Ownership Test: You must have owned the home for at least two years during the five-year period ending on the date of sale.
- Use Test: You must have lived in the home as your main residence for at least two years during the same five-year period2.
These two years don't need to be consecutive, and you can meet the ownership and use tests during different periods within the five years. If you meet these requirements, you may exclude up to $250,000 of capital gains from your income ($500,000 for married couples filing jointly).
IRS Topic 701
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