Taxes on a short-term live-in flip?

[Brian Hamilton]

Hi, everyone! My wife and I are considering buying a live-in flip, but we probably wouldn’t plan to stay the full two years to get the capital gains tax exemption. If we buy it, make it our primary residence, and sell it in 6-8 months, what kinds of taxes will we owe on the profit? Am I understanding correctly that we’ll owe ordinary income tax, but since we’re living in the property, we -won’t- owe self-employment taxes? Thanks so much for your help!