Thank you. Also, since my wife has lived in the house for at least one year (but under two years), is that considered long term capital gain? If yes, since the tax bracket for married filing jointly is zero percent for income under around 78,000, does that mean if our income is under 78,00, then we don't pay the capital tax on the 250k house sale profit?
- Also, is the income amount shown in line 8b for 1040 tax form? Or is it in another line? Thank you.
