Capital gains on the sale of a new home?

[Blueface]

Originally Posted by forgop

Considering my wife and I are unemployed, our income won't factor into the equation. The primary concern for me is to "sandbag" any capital gains in order to ensure I stay well below the EIC credit and so I can extend my 99 weeks of unemployment through until I'm out of college in May 2012. I haven't filed for a single week in 2010 yet.

Then seems no new tax concern for you. However, you will have to reinvest that money into a new home or face the tax man.
As an example, a few years ago, I sold a condo I owned as a rental property and didn't buy anything new. I ended up sending a check for $22,000 in April of the following year.