Different expert here - My name is ***** ***** please allow me to provide you with some additional information you will find helpful.
If you have sold your main home (primary residence), you are not required to report the sale on your tax return
UNLESS you receive a Form 1099-S
from the title company/closing agent. (The title company/closing agent should have done its due diligence by asking you if the home was your primary residence prior to the closing.)
As mentioned above, there is a sale of home exclusion of up to $250,000 (if you file single) and $500,000 (if you file married filing jointly
). The only requirements are that you owned and lived in the home for 2 of the last 5 years.
In other words, UNLESS you received a 1099-S, you do not report the sale and you do not pay any taxes on the $50,000.
Please let me know if you require further information.
Thank you and best regards,