Gains from primary res. if sold within year of buying 2nd home

[Danny C.]

Hi,

I lived in my primary residence for 4 years, and then I bought my second home and move there. It took me around 1 year to sell my first home, after I bought my second home. I didn't put my first home on rent. I made some profit by selling the first home. Whatever money I get after selling my first home from my lender (principal plus profit), I put that money towards the principal of my second home. Do I have to pay any taxes on the profit I made by selling my first home ?

Thanks

DC