I'm Selling My House to Downsize for Retirement, and I'll Net $620k. Do I Have to Pay Capital Gains Taxes?
Article Excerpt: "...When you sell your primary home, the IRS allows you to exclude a significant portion of the profit from your taxes. This exclusion – $250,000 for single filers and $500,000 for married, joint filers – is large enough that many sellers don't end up paying federal taxes on the capital gains from a home sale. But if you’re netting..."
Resource: yahoo.com