Hi!
I have included a link for your information on capital gains tax from the sale of your home that should help you with the questions you have asked. With the example you included if you
- You owned the home for a total of at least two years in the five-year period before the sale.
- You used the home as your primary residence for a total of at least two years in that same five-year period.
- You haven't excluded the gain from another home sale in the two-year period before the sale.
You can exclude up to $250,000 of your gain if you're single, $500,000 if you're married filing jointly.
https://turbotax.intuit.com/tax-tips/investments-and-taxes/5-things-you-should-know-about-capital-ga...
Thanks !
Lisa , EA
