I am selling my home in New York (sold in April this year) and have a Gain of 462,000. I have lived in that house for the past 60 years before moving to Tennessee last year. Do I have to pay taxes on the full amount or am I eligible for an exemption? I see exemptions for 250,000 single and 500,000 for married (which I am).
1 Answer from Attorneys
It seems to me you found the answer yourself.