November 13, 2019 8:46 AM
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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?