My husband and I are selling our house and moving to a new house. We have lived in our house for a year and 6 months. I am not sure if we will be taxed on the profit. We are only going to come out with about 3000 dollars after closing cost and the real estate company takes there profit. If we reinvest the profit into the new house doing remodels will we have to pay a penalty? We live in louisiana.