Curious about how much taxes you might have to pay after you sell your home? In order to avoid paying taxes on your home, you must have lived in it for 24-months out of the last five (5) years. The 24-months does NOT have to be consecutive.
There is a limit on the dollar amount (Uncle Sam is nice, but not THAT nice), which is $250,000 if you are filing taxes solo or $500,000 if you are filing taxes jointly.
It was on the voting ballot this year to require people to live in their homes for a full five-years, but fortunately, it didn’t pass… so you are free to sell your home after two years and keep any appreciation!