Basically, since you did not live in the house for a minimum of 2 of the last 5 years you owned it, counting backwards from the closing date of the sale, you will pay taxes on all gain realized on the sale. What you do with the proceeds from the sale doesn't matter. You'll pay taxes on it. Period. To get a rough (very rough) determination of what your taxable gain on the sale will be:
What you paid for the property, plus what you paid for any property improvements during the time you owned it, minus the total amount of all depreciation taken, will give you your adjusted cost basis.
Now subtract the adjusted cost basis from your sale price, and the difference is your taxable gain.
Again, this is "very" rough. But will give you an idea of the amount you can expect to be taxed on. A good figure to use for taxes, is to figure 20% of your gain will go to pay taxes on that gain.
If your state also taxes personal income, then figure a percentage equal to your state's highest tax rate for what you will be taxed on by the state.
