Yes - IRC §121 lets you exclude up to $250,000 (single) or $500,000 (married filing jointly) of capital gain on your primary residence. You must have owned and lived in the property as your principal home for at least two of the five years before selling. This applies to NYC co-ops, condos, and houses. You can only use this exclusion once every two years. Consult a tax professional for your specific situation.
From the seller playbook: IRC §121 Primary Residence Exclusion
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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