I read online that if the proceeds from the sale of a house is between $250,000 and $500,000 the seller (me) would not have to pay taxes on the proceeds. But when I entered the numbers in turbotax at the end it says I get no exclusion or exemption and have a taxable income of the amount I made on the sale of the house. Am I doing something wrong or reading the wrong tax article? And I bought a house at almost the same time. Are there any tax breaks for that (it's my second home) or just the usual interest and taxes like I usually get?
