How mich is my 2nd home capital gain?

[Jessica Chen]

We have a 2nd home we bought in August 2015 for $600k. After purchase we put in about $100k in upgrades. Now the property is worth about $750k- $800k. We decide to sell our primary and 2nd home in order to purchase a bigger house. I thought both houses we have are qualified for tax exemption until I did a little search online.

We are going to list our house in MSL this coming week and I’d like to know how much capital gain that we may have to pay to adjust our selling price.

(1) can anyone tell me roughly how much percentage of profits are going to capital gain?

(2) we are also going to sell our primary right after 2nd home sold. We purchase our primary in 2014. Our primary price increases around $150k-$170k over these years. Are we excluded from paying capital gain for our primary?

*** we are married and file separately ***

*** me and my husband’s names are on both houses (not sure if it matters) ***