Capital Gains Exemption

[dttkapres]

What is the name of your state? Fl

We recently sold our house in Fl for a decent profit. We owned it from 2001-2005 and lived in it for just over 3 of those years. I have come across information about being exempt from paying the capital gains from this sale. Do you know anything about that? Thank you.

 

[anteater]

Not necessarily "exempt." But you appear to be eligible for the maximum capital gains exclusion -- $250,000 if single or $500,000 if married filing jointly.

Look at page 9:

http://www.irs.gov/pub/irs-pdf/p523.pdf