Quote:
Originally Posted by Boomer
If a house is not the primary residence, profit is subject to capital gains tax.
Also, in general, when it comes to pricing a house to sell, some sellers recognize that time is money.
|
If a house is bought and sold within a year, it wouldn't qualify as a primary residence because you need to live in it for at least 2 years. Also, any profit wouldn't qualify for the capital gains tax rate. It would be taxed as ordinary income if sold in less than a year.