My wife and i purchased home in 2005 for$400,000 and added $200,000 improvements.sold home in 2017 for $1,200,000.what are my capital gains?

[KenH1 · Accepted solution]

Your taxable capital gain is $100,000 ($1.2m minus $400k minus $200k minus $500k exclusion)

Home sales are reported in:

Wages & Income 

Scroll down to Less Common Income, then Show More

Select Start next to Sale of Home (gain or loss)

[BobB7]

This assumes it was your primary home at least 2 of the last five years and that you didn't rent any of it out or take a home office deduction.

[KenH1]

Correct, thank you