<prompt> Human: This is my 1st home were talking about here. Ive never sold property before. From what Ive read if you make under 250k no capital gains tax. So am I in the clear? That doesnt seem right though. Ive gotta pay something Im sure.I want to use some of this money to pay down debts invest some in new property. Just want to make sure Im not shooting myself in the foot when the tax man comes looking for his share.  <response>: If you lived there as your personal residence at least two years in the last five, technically..., then you can take up to 250K capital gains tax-free.Its a nice tax preference. 