Selling home…are we going to be tax exempt?

We purchased the home in May 2020 for $585,000.

Currently living in the home. Planning on listing for $775,000 (hoping for $800,000).

We put $100,000 in as a down payment on the home.

It is my husband, myself and our two small children living there.

We are not buying another home with the profit this year. Or probably next year. We will be moving into a family members home to care for them and will be paying rent.

Would we be tax exempt on the profit we make on the home sale?

submitted by /u/NoSemenAtSea
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We purchased the home in May 2020 for $585,000. Currently living in the home. Planning on listing for $775,000 (hoping for $800,000). We put $100,000 in as a down payment on the home. It is my husband, myself and our two small children living there. We are not buying another home with the profit this year. Or probably next year. We will be moving into a family members home to care for them and will be paying rent. Would we be tax exempt on the profit we make on the home sale? submitted by /u/NoSemenAtSea [link] [comments]

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