Taxable income question

[Michael Sontheimer]

In selling your first (and only) primary residence, I understand there is no capital gains tax incurred. But my question is will the income from the purchase be taxed as regular income?

If I make 60k a year and sell my house for 100k, will I incur regular income tax on 160k? Or is that 100k taxed differently?

A solid explanation and if there are any ways to lower what I will need to pay would be greatly appreciated :)

Thanks!

Michael