Their principle residence, which is currently valued at $1 million (purchased 12 years ago for $700,000): I The Flints informed you that they plan to sell their principle residence in 2022 and buy a condominium for $400,000 to live in. They would like to know if you can estimate the income tax payable on the sale of their home. The house is in Fred's name and his marginal tax rate for 2020 is 35%