Updated about 5 years ago on . Most recent reply
Selling a house within 2yrs of purchasing
Hi everyone. I am selling my residential house in Maine with a expected profit of 30-75k range. The townhouse condo unit was purchased at 430k in sept 2019. I would like to know about type and amount taxes associated with selling a house less than 2 years of living. I am moving due to the change of profession (I will be going back to prof graduate school in St louis). I heard that there will be capital gain taxes if the house is sold less than 2yrs. We did not foresee that I will be going back to school when purchasing the house, plans changes. This is the only property we have and we live here currently. Possibly may buy a new house when we move to the new location. The program starts in June and thinking to list the house in Feb or March. Am I able to use the 121 partial exclusion? Any info will be great to enlighten me, Thank you!