Primary Residence Taxes

[Sieanna Ariel]

Hello Bigger pocket colleagues,

So I have a question about selling a primary residence.

What are some of the specific taxes that would come out of selling a property, that is if one was to sell their home after paying off the mortgage? Would the IRS charge capital gains taxes or any other taxations on the property? Also does the value of the property affect whether or not one would have to pay?