Property Sales Gains Exemption TEXAS

[Christine Nicholas]

Hi!

We have lived and owned in our current home since Aug 20 2013. We have just purchased another home to move into. I understand you have to lived/ owned the home for 2 out of 5 years in order to be eligible to be exempted from property sales gains tax? The home sales gain will be under $500k (filing jointly). We have lived and owned for 4 out of 4 years, but in order to take advantage of this tax break, does it mean we cant sell until Aug 20 2018?

Thanks!