I’m a 79-year-old widow on fixed SS income. We paid $210,000 for our 2-story home in 1995. I own it free and clear. I want to sell it, invest the capital gains, move to a rental in Maui where my daughter lives. The current market value is $700,000. Less $210,000 = $490,000 of which $250,000 is tax exempt, as I understand it. So I will then owe capital gains tax on $240,000, correct? Is there any way for me to avoid paying it?
