Profits realized from selling primary residence

[RangerDan]

I am a retired 71-year-old man.  I am considering selling my primary residence to both simplify and lower my mortgage payments.  I expect to realize a profit of approximately $180k.  Can these profits still be considered tax-free or has that benefit ended?  I must also mention that I sold my home in 2005 and realized an $80k profit that I did not pay taxes on.

[xmasbaby0]

SALE OF HOUSE

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premium software to report the 1099-S

NOTE:   If you have ever used the home as rental property or claimed a home office, you have more information to enter