Capital gains tax when selling

[/u/fatalis357]

Me and my wife are looking to sell our house (lived here for 1.5 years) but due to her work we need to sell and buy a new home close to her work. Not much we can do, is what it is. Working with some numbers; we are looking at making 140k net profit after closing and realtor takes their cut. Doing an online search it said we will be subjected to 15% capital gains tax (married filing separately) and make below 400k a year. Should I then expect to pay roughly 20k in gains tax and then have 120 left over for down payment for our new house? Am I missing anything? Thanks!

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Capital gains tax when selling
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