Is there an one-time exemption from paying capital gain when selling a home?
If you owned the house for two of the last five years and the house was your principle residence for two of the five years, there is a $250,000 exemption. If you file jointly and the house was also your spouse’s principle residence for two of the previous five years, there is a $500,000 exemption. If you move for reasons beyond your control without meeting the time requirements, you may qualify for a reduced exemption.
