Tax implications when selling 

If you owned and lived in the home for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000. The law lets you "exclude" this much otherwise taxable profit from your taxable income. (the key factor is that on their federal tax returns, this property was claimed and fits into the criteria above). Certainly, exception and other rules apply, and you should ALWAYS defer that client should speak with an accountant as we are not legally permitted to make statements of fact relating to tax liability incurred in the sale of real estate.

Sale of Investment properties 

Definitely more tricky then homestead; however, generally speaking:

If you buy & sell a property, at a profit, in < 1 year… this is considered a short term capital gain, and the taxes you’ll pay are treated as ordinary income (such as wages) and your tax liability will depend on which tax bracket you fall into at the end of the year.

If you sell a property from day 366+, there is a different rate and the gain is no longer considered ‘short term’

Here are some helpful links related to the subject

Selling real estate, how am I taxed?  

How to avoid capital gains tax when selling your home 

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