Do I need to pay capital gains tax on sale of primary residence?

[Xavier Paredes]

I've searched about this but am getting conflicting info or maybe just misunderstanding what I read.

Two months ago I sold my primary residence in Houston, Texas. Profit was about $100k. 

I file taxes as single.

QUESTIONS:

1. Will I have to pay capital gain taxes on the $100k profit?

2. Are there any time limits by when I must buy another house to prevent paying capital gain taxes?

3. I come across articles for a 1031 exchange but I think that only applies to investment properties. Correct?

4. I read somewhere that we can have the Title Company (which processed the sale transaction) put the money into a trust. Not sure what this is.

5. Anything else I must know?

Sorry for all the questions and for your patience.

TIA!

[Jaron Walling]

If it was a primary capital gains from the sale can be deducted from the seller’s taxes if the seller has lived in the property themselves for at least 2 of the previous 5 years. If you meet the 2/5 year rule you'll be tax free. Single filed max is $250k, jointly is $500k. 

Correct, the 1031 exchange applies for investment properties. I don't see a reason investors would exchange a primary but I bet there's a fun strategy to do so. 

Hope this helps!