Here is the page from Internal Revenue Service:


http://www.irs.gov/publications/p523/ar02.html


As Laura advised below,

It is imperative that you meet with a CPA or Tax Attorney before you sell your house.
The $200 or so that they will charge you for an hour is money well spent.

With all due respect, Jackson-Hewitt and H&R Block mainly fill out tax forms.

You need a Certified Public Accountant to explain the Tax Consequences of Selling your Primary Residence.


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Best wishes to you,
Fred
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Hi Will, That's going to depend on the value of your home, it's original cost and the cost of any improvements that you put in to it and whether or not your are married and own the home jointly with your spouse. In general you should not have to pay capital gains taxes unless you net profit exceeds $250k for a single owner or $500k for married owners. However, much will depend on your individual tax situation. It's always best to consult a professional tax preparer or accountant to get a detailed summary of the ramifications of your sale. Best of luck!