Current home is not selling

[97guns]

I dont have to pay tax becasue I lived there for more than 5 years. Correct?

im pretty sure that is incorrect, as long as there is cap gain you pay

[JoeP]

Great news on the sale!

[Petunia 100]

I dont have to pay tax becasue I lived there for more than 5 years. Correct?

You are correct. In fact, you only need to have lived there for 2 of the last 5 years to exclude 250k of capital gain, 500k if you are married filing joint.

[Petunia 100]

im pretty sure that is incorrect, as long as there is cap gain you pay

No, not on your primary residence.

[Petunia 100]

And congrats on the sale, that's great!

[snafu]

Good news the house is under contract. It's such a relief when you're out-of-state and others are in control of your major investment. Renting can be such a hassle with *Murphy's Law* lurking in the shadows. I'm sure your disappointed in the price but you'll likely make up up on your new residence as a tough negotiator. It will be lovely to re-settle and get the family out of the camper.

It's important to track your costs as moving for employment has a great many tax deductions. Careful with receipts.