I apologize if you already knew the answer I provided, however, I would have no way of knowing what you know or do not know.
You asked about the tax on the gift of $68,000 to your friend, and there is NO tax on a gift to your friend or you.
If you are asking about the tax on the sale of your home, that is a different issue. Please clarify specifically what you are asking.
However, when selling your primary residence, there is a sale of home exclusion on the gain for those taxpayers who have owned and lived in the home for 2 of the last 5 years immediately preceding the sale. The 2 years does not have to be consecutive. If you use the single filing
status, the exclusion amount is $250,000. If you use the married filing jointly
filing status, the exclusion amount is $500,000.
For example, if you purchased the home for $100,000 and sell it for $200,000, your gain would be $100,000, and no tax would be due.
Please let me know if I can assist you further.