I purchased the house in 2016 and will be selling it as of December 2019. It has been my primary residence. I stand to make $50,000 on the sale of the home. I plan to use that money to repay debts (credit card and student loans) rather than reinvest any of it in a new house. Will I have to pay taxes eventually because it's not being reinvested? Will the $50,000 be considered income?
