The tax consequences of selling your home depend on a few different factors, including your filing status, what you originally paid for your home (plus what you've spent improving it over the years), how much you sell the home for, and how long you've owned and lived in the home. Many people can qualify to exclude some or all of the gain from selling a home, but there are specific rules. This article summarizes those rules well.
Additionally, if you're itemizing deductions based on home mortgage interest and property taxes, you'll no longer be able to do that as a renter. Some states offer tax credits to renters, particularly those over age 65. You can check your eligibility here.
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