What is the home sale capital gains tax exclusion?

A federal tax rule lets many homeowners exclude a portion of the profit from selling their primary residence from capital gains tax, provided their ownership and residency there clear the required time thresholds before the sale. The exact dollar amount of the exclusion and the ownership and residency requirements are set by the IRS, not by Georgia or any city on this list. Investment properties and second homes generally do not qualify for the same treatment. A CPA can confirm how it applies to your specific sale.