If you sold the property for the purchase price and the amount that you had into the property, then there would be no capital gains. To your cost basis, you can also add the closing costs.
Is sale of primary residence Taxable?
Yes. Home sales are tax free as long as the condition of the sale meets certain criteria: The seller must have owned the home and used it as their principal residence for two out of the last five years (up to the date of closing). The two years do not have to be consecutive to qualify.
Tax Topic 701
