Additionally, be aware of the exclusion to capital gain if you owned and lived in the home 2 of the last 5 years.
According to the IRS:
"If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. "
Topic 701
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