I recently sold the only home I have owned that is about 300 miles from where I currently live. I moved out of it 14 years ago and into an apartment near where I currently work. I have never rented it other than once to a friend for a few months. He paid me cash and the utilities have always been in my name. I am going to take the approximately $120,000 proceeds from the sale and use it for down payment on a condo that will be my primary residence. I was wondering if I need to pay capital gains on the proceeds from the sale?
