My husband & I have owned same home in MA for 13 yrs...he's retired and buying primary home in SC.......Our MA home will be sold in 2010......Will be owe Capital Gains Taxes......Prim in MA will likely sell for $100,000 more than home he bought in SC?

Thanks

As far as I know, you do not pay taxes on the gain up to 500K if you are filing joint returns(MFJ) and you have both lived in that house for 2 out of the last 5 years.

And if you buy your new home in SC before April 30th 2010 (closing by June 30th) you would be eligible for a $6500 credit.

If you owned your main home for two years and lived for two years in past five years, then you can exclude gain of up to $250,000. If you are eligible to exclude the gain, you do not report it on the tax return. Your U.S. Tax Return: Profit From the Sale of Your Home (http://taxipay.blogspot.com/2008/03/profit-from-sale-of-your-home.html)