Hoping someone here can enlighten me. I have bought a house for myself with the intention of making it my primary resident. Unfortunately I had to sell writhing 2 years and the property didn't end up to be my primary resident.
Now that I just sold it, I was told I need to pay about 3.3% for the Franchise Tax Board withholding of the total sale. In addition I was told that of the profit I will pay 20% for income tax. Does that make sense? Do I ay booth? Also- for the Franchise Tax Board withholding, do they release me back the money or is it a payment ?