As others have posted, for a single person there is a $250k, but I believe the law is that you must live in the home for 2 of the last 5 years, not the last 3 as someone else has posted.
According to the IRS
Test 1. You owned and used the home as your main home for 2 years or more during the 5-year period ending on the date you sold or exchanged your home.
Test 2. You have not excluded gain on the sale or exchange of another main home during the 2-year period ending on the date of the sale or exchange of your home.
Even if you do not meet one or both of the above two tests, you still can claim an exclusion if you sold or exchanged the home because of a change in place of employment, health, or certain unforeseen circumstances. In this case, the maximum amount of gain you can exclude is reduced.
Hope this helps. Go to the IRS web site for more info.
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