Ron Natalie wrote:
In the US you owe capital gains on your residence, but there is an
exclusion of $250,000 if it is your principle residence for 2 out of
the last 5 years.

There's no such exclusion for most anything else/

IIRC the exclusion for your principle residence is
$250K per person, so if you are married filing
jointly you can take a $500K capital gains
exclusion on the sale of your principle residence.

Don W.