I sold my home in 2018 and I made about 60 thousand, is that amount taxed? It drastically changed my from me getting money back to paying in a large amount.

[christinarabecka]

Did tax laws change that I have to pay interest on the money I made from the sale of my home?

[fanfare · Accepted solution]

If you meet the conditions stated and did not get a 1099-S, you don't have to report this sale.

if you put the money in the bank and got interest, that's separate and taxable.

[Ashby]

No, if this was your principle residence and you lived there the past two years, you should be eligible for the exclusion.

You won’t pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home. If you file jointly, you won’t pay taxes on the first $500,000.

That income is free and clear as long as:

• You owned the home
• It was your main home for two years or more within the five years leading up to the sale
• You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.