(If you sold for a loss, though, you can't take a deduction for that loss.)You can use this exclusion every time you sell a primary residence, as long as you owned and lived in it for two of the five years leading up to the sale, and haven't claimed the exclusion on another home in the last two years.If your profit exceeds the $250,000 or $500,000 limit, the excess is reported as a capital gain on Schedule D.I was in the home for 6 years and profits didn't exceed the $500,000 threshold (I'm maried filing joint).  

Mary

:-)Kudos,Mary

Kudos,Mary

@Tabitha @Tabitha Kix undefined,If you're already comfortable with all your documents, there are no carry-backs, uncertainties, etc.. you can just go straight through escrow as Kristine Marie Poe recommended. 

I am interesting in properties in MA, RI, CT, NY, NJ, PA and FL., and probably other places I am not sure.I would like to fix, rent and, sell, or either way.Thank you very much.Sonia Peralta

@Mary ColeeYou can select Monthly under Plan on this page https://www.biggerpockets.com/proupgradePayPal is not a payment option for now.

Mary,My condolences for your mother & stepdad.A real quick & dirty ways to find rent data. 1) Craigslist2) Call a local property manager.Figure out the possible rents with 3 scenarios 1.AS-IS with no repairs2. rent with a light rehab 3.

Mary , PM you.

Follow the screening process recommended here on BP and then search for them via craigslist and other socia media sites.If you're looking for off-market property in Philly, let me know.Kudos,Mary