$150,000 profit - what about taxes?

[Charles Lewis]

So, long story short, I have a piece of vacant land I'm thinking of selling. It's right next door to my residence, so it counts as part of my homestead. I've only owned it for a year, though, so if I sell now I'll incur long-term capital gains. If I sell after two years, I'll pay no tax on it due to the principal residence exemption.

My question is this - if my salary is $60,000, such that I'm in the 15% tax bracket and, consequently, pay 0% on capital gains, will the whole $150,000 long-term gain be taxed at 0% if I sell right now instead of waiting two years and getting the principal residence exemption?