Have Tax Questions? Ask a Tax Expert for Answers ASAP
Debra, if you can answer a few questions for me, I can be sure to help you out.
Is this your primary residence home, a rental home, a vacation home?
How long have you lived in the home?
Have you ever owned a home before? Have you ever sold another home? If so, how long ago?
How much did you make on the sale of the house? What is your filing status?
There is good news for you. You do not owe any taxes on the sale of the home. You are eligible to "exclude gain up to $250,000". The $250,000 is for a single taxpayer; it is $500,000 for married taxpayers.
Because you lived in the house for at least two years, owned the home for at least two years, and did not have a gain of more than $250,000, you are eligible for this exclusion.
You can read more about the exclusion here: http://www.irs.gov/publications/p523/ar02.html#d0e2017
Please let me know if I can help you further.