Do you get a capital gains exemption for your primary residence?

Answer by  Chaneygirl (1755)

Yes, if the you make less than $250,000/single or $500,000 married. You will also need to have owned and lived in as your primary residence 2 of last 5 years.

Answer by  Att4372 (1704)

Capital gains up to $250,000 (Single, Married Separtely) or $500,000 (Married filing Joint) are excluded from taxation. You must have lived in the home for any 24 months in the last 5 years AND it's your current residence. If you rented the home for any period, you must prorate the gain over the rental time vs total time owned.

Answer by  cgroverla (516)

If you have owned and lived in your home for two of the five years preceding the sale, you generally can exempt gain up to $250,000 ($500,000 if married).