Talk of The Villages Florida - View Single Post - Not making much if anything on this house
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Old 01-29-2021, 02:01 PM
retiredguy123 retiredguy123 is online now
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Quote:
Originally Posted by Boomer View Post
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.