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Author Message   Saarang Pilla Bewarse Username: Saarang Post Number: 348 Registered: 04-2015 Posted From: 97.126.40.189 Rating: N/A Votes: 0 Posted on Thursday, June 01, 2017 - 10:27 pm:    Capital gains exemption rule for primary residence: If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000. The law lets you "exclude" this much otherwise taxable profit from your taxable income.