Taxes 18 months after purchase
I'm sure this has been discussed, but I lived-in a house (primary residence) and flipped it, Its been about 15 months and anticipate putting on the market in the next 60 days. Which would put me under the 2 year period to avoid taxes. Ill be making a profit.
My question simply is, do the taxes get prorated? Do I only pay taxes on 7/24 (7 months under the 24 needed to avoid taxes) - So profit of 100K cap gains tax is 50% - $50K multiplied by 29% (7/24) = $15K in taxes rather than $50K. Am I viewing this correctly.
Any guidance would be appreciated.
I guess the title should be 17 months after purchase