Deductions & credits

@Brandon G J 

The sale and the purchase are completely separate transactions that have no influence over one another.

 

If you lived in the prior home for at least two years, you probably qualify to exclude the first $250,000 of capital gains from taxation. Since your gain is less than that amount, you should not have to pay any gains tax on the sale of your personal home.

 

Then, the purchase of the new home is a separate transaction that has nothing to do with it is not influenced by the sale of the prior home.