You may qualify for an exclusion (not having to pay taxes on the gain) if you meet certain requirements. You really need to consult Publication 523 at www.irs.gov
Nothing. You made improvements to the property in that time, and that cancels out any profit. Why are you only selling it for $70,000 it should be worth triple that. Do you have a broker?
Under the new tax laws 45% of the gained amount FC-34-5-65-7-9-01