Tax on Sale of Primary Home?

[Elex Price]

I close on the sale on my Primary Residence this week. My question is will I be tax on the sale and if so what's the rate? 

I lived at this residence for about 4 year. I did some research and came across Topic 701 on IRS website but I am not sure on the specifics. If any one is familiar with this area feel free to shed a little light for me. Thanks...

[Ashish Acharya]

You PR will qualify for $250k ( $500k if Married) gain exclusion if all following requirements are met:

• You owned a home and used it as your main home during at least 2 of the last 5 years before the date of the sale.
• You did not claim any exclusion during last 2 years.
• You did not acquire the house with Like Kind exchange during last five years.

If you meet the requirement, you do not have to pay any tax on sale of your house. You can still qualify for the exclusion even if you do not meet one of the criteria. Talk to your CPA about those.