I bought a house for $355,000 in July of 2005. I put $10,000 into this property. I plan on selling this house for $490,000 in January of 2007. Will I have to pay a capital gains tax? This is my primary house.

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  I am the only person listed on my title and I am selling my home. It has been my primary residence for the past 8 years. It potential will profit me $150K, do I have to pay capital gains?
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