Taxable income from sale of home?

Yes you will pay taxes, I believe you will pay capital gain tax because you did not own the home for 2 years (there may be a way to get around that due to the fact that you inherited the house but you said it was not inheritance so I am not certain) Than you will pay income tax. I do not believe it would be to your advantage to use 1040 EZ you may want to consider itemizing your expenses. I am sure you guys had some involving the sale of the transaction.