You can sell your primary residence and be exempt from capital gains taxes on the first $250,000 if you're single and $500,000 if married filing jointly.
In addition to the $250,000 (or $500,000 for a couple) exemption, you can also subtract your full cost basis in the property from the sales price. Your cost basis is calculated by starting with the price you paid for the home, and then adding purchase expenses, such as closing costs, title insurance, and any settlement fees.
Also, most (if not all) states do not tax your primary residence unless you go past the federal exemptions.
In addition to the $250,000 (or $500,000 for a couple) exemption, you can also subtract your full cost basis in the property from the sales price. Your cost basis is calculated by starting with the price you paid for the home, and then adding purchase expenses, such as closing costs, title insurance, and any settlement fees.
Also, most (if not all) states do not tax your primary residence unless you go past the federal exemptions.
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