- How do i calculate the Tax?
Not a simple answer by any stretch. But if you send the IRS 20% of your gain on the sale, you should be fine come tax filing time.
- Can Capital gain in this sale balanced with other Capital losses (say if i gain 10k in this property sale substituted with 10k capital loss in stocks?)
Again, not a simple answer. But basically, no. Only like-kind losses can offset gains. Gains/Losses are stocks are not "like" gains/losses on the sale of real estate.
- Can I claim the $500k married joint exclusion ( if we are submitting tax return joints and property is on both of us and neither of us lived their since 2015)
No. To qualify for any exclusion, the property must have been your primary residence for at least 2 of the last 5 years you owned it, counting back from the closing date of the sale. You're not even close unfortunately.
- Can i talk to anyone (CPA) in Turbotax in this regard as i probably applying my returns in here?
Only if you have paid for TurboTax Live support. But I do not know if that support includes what is essentially a future tax event that has not yet occurred. Besides, while I doubt it would happen in a way that would affect you, the tax laws on this could be changed by congress tomorrow. So any advice you pay for has that possibility (however slim) of being moot by the time you go to file your 2022 tax return, next year.
You would be better off consulting with a local CPA; especially if you state also taxes personal income, as in addition to federal taxes, you will also have to pay state taxes on any gain realized on the sale.
