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Under the tax code, the first 0,000 in profit on the sale of your home is exempt from capital gains tax as long as you meet the requirements of the IRS's "ownership test" and "use test," discussed a little later.

If you're married and file a joint tax return, the exemption amount doubles to 0,000 if either you or your spouse meets the requirements of the ownership test and both of you meet the requirements of the use test.

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IRS Publication 523, "Selling Your Home," for details about these special circumstances.

Cam Merritt is a writer and editor specializing in business, personal finance and home design.

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The law makes a big exception, however, when the asset in question is your primary residence.

Most homeowners in most situations will not have to pay capital gains tax on the sale of their homes.

Those two-year periods don't have to be consecutive — that is, two uninterrupted years of ownership or use.

All that matters is that the total time of ownership and the total time of use during that five-year block each add up to two years.

From that, subtract your "adjusted basis" on the property.

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