capital gains

[sl47]

We sold a home in Florida in May 2019 for $400,000 and purchased a home elsewhere for $300,000.  We made various improvements on the Florida home.  Do we need to pay "capital gain tax" on this? 

[ReginaM]

No, you do not need to pay capital gain taxes on the sale of  your home provided you qualify for an exclusion: 

• if you sold your personal primary residence,
• you lived in and owned the home for at least two years of the five year period on the date of sale, 
• and your gains are less than the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in and owned the home for two years).   
•  
• For more information see IRS Publication 523  on the Sale of your home.