home selling tax credit

[Kramer]

Hey guys, i have a question about taxes on profits made from the sell of a home. As far as my research has found, if you have lived in it at least 2 years of 5, it is primary residence, and you haven't claimed the exclusion in 2 years, you can make up to 250,000 profit without being taxed, and 500,000 if filing jointly. this correct? we are looking to sell and would hopefully make 25-35K off it and trying to make sure we don't get hit with a tax we weren't expecting. still need to check city taxes too i guess.