I purchased a home for 225,000. I am now selling it for 305,000. I am single but it was my primary residence for three years. Will I owe taxes on the sale?

[xmasbaby0]

SALE OF HOUSE

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premier or Self-Employed software to report the 1099-S

[Bsch4477]

You're eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale.

For a single filer the exclusion is $250,000. 

[rjs]

To clarify, the exclusion applies to the gain (profit), not the selling price. Your gain is $80,000, so if you meet all the requirements for the exclusion you will not have to pay any tax on the sale.

If you receive a Form 1099-S you have to report the sale on your tax return, even though you don't have to pay any tax on it. If you do not receive a 1099-S, and you qualify for the exclusion, you do not have to report the sale.

[AmeliesUncle]

You said it was your primary residence for three years.  Is that how long you owned it?  

If you owned it for longer, and therefore it was not your primary residence for part of the time you owned it, then the answer for if you owe taxes or not may change depending on the circumstances.