We are moving to Texas this month end and plan to sell the current primary residence after living here for nearly 26 months and we four (me my wife and my son and his wife ) jointly own as Joint Tenancy on the title in CA. However we also sold the previous property after living there for more than 4 years on 23rd December 2020. The current move and anticipated current property sale is because of job relocation of my son to Dalls TX. If we make capital gains out of the current property sale, can we exclude full amount allowed for capital gains upto $500,000 per couple or only partial exclusion is allowed and if so what is the formula? The move is from Fremont,CA to Plano,Texas. Since I am retired and on social security, will be moving along with my son and have been living with him for the past five years. Though we met the primary residence requirement but I need clarity regarding the effect of previous property sale within the last 24 months for capital gain exclusion amount.
Any advise would be appreciated.
Thanks
Venkatraman Gopalakrishnan
