pwe
Returning Member

Deductions & credits

My wife and I bought a condo at the end of June 2021 $900,000 and sold our home of 30+ years at the end of August 2021 for $1,600,000.  If the basis for the home sold is $600,000 ($300,000 purchase price and $300,000 improvements over the 30+ years) and qualify for the married exclusion of $500,000, would the capital gain be $500,000?  Is there anything I'm missing?  Can I apply the purchase price of the condo against the capital gain?  Any suggestions?