The new law preserves the valuable break that allows you to potentially exclude from federal income taxation up to $250,000 of gain from a qualified home sale, or $500,000 if you are a married joint-filer. The earlier House and Senate bills both included restrictions (the longer time period you mentioned, actually five out of the last eight years) on this break, but none of the proposed changes made the cut. So it’s business as usual.
Reference: <a rel="nofollow" target="_blank" href="
https://www.marketwatch.com/story/10-things-you-need-to-know-about-the-new-tax-law-2017-12-20?mg=pro...>
