A couple that I spoke to last week are considering selling their country home that sits on a large property. They understand that the gain on principal residences is sheltered by the principal residence exemption. But because of the size of their lot, they are concerned that there may be taxes owing when they go to sell the property.

In this video, we will dig into a fictionalized situation based on this tax scenario and determine if, in fact, our sample couple Jack and Jill have a tax bill owing when they decide to sell their country home.