paying tax on sale of a home

[chele0125]

i live in the state of new jersey and soon will be selling my home. i have heard that if you are selling a house for the first time, that you may not have to pay any taxes on the proceeds. is this true?

 

[kaloway]

yes tax free if under 500,000 and you owned home for over 2 years.. the irs website has free info for you to check this on... http://www.irs.gov