Under the primary residence exemption, you can exclude the entire gain on the sale of your main home up to $250,000 individual or $500,000 married couple filing a joint return. To be entitled to the exclusion, you must have owned the home for at least two of the last five years and lived in the home as your primary residence for at least two of the last five years. There are special exceptions to the Two-year Requirements for changes in employment, health and unforeseen circumstances. www.realtywnc.com