My parents, residence of Florida (Father 70 retired/disability) (Mother 62 still working RN) are selling their personal residence after 12 years of ownership.
They will become renters and live off the sale of the house along with retirement income for the rest of their lives. How do they avoid payment
Of as much capital gains tax as possible, without re-investing in real estate?

The first $500,000 (filing joint return) of gain is exempt from taxation. Gain in excess of that amount is taxed at a reduced capital gain rate.

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