Do I pay capital gains taxes?

[judyinpickle]

I sold 2 primary residences in 1 yr.  1st home I lived in for 12 yrs. then sold at a loss of $68,000. I then bought the 2nd home and lived in for 1 yr. sold with a gain of $16,000.  Total of combine sale amounts $309,000. This being over the $250,000 in 1 year I question. thank you

[Hal_Al · Accepted solution]

Yes, you  pay capital gains tax on the $16,000 gain. Your problem isn't the $309,000; it's the fact that you lived in the house less than two years. The capital loss on the sale of a residence is not deductible, not even against gains on a another residence