[JMintzer]

Originally Posted by Laker14

With all of your skills, why didn't you inspect the home yourself?
Capital gains will only be an issue if you make a profit above your buying price, your real estate commissions, and the expenses you incurred repairing all of those issues.
Short term, less than a year, capital gains is taxed as ordinary income. Long term more likely at 15% unless your income is quite high. As unhappy as you are here, perhaps it would be in your better interests to sell, pay a few percentage points more in capital gains taxes (which again you'll only be worried about if you made a tidy profit, in which case you shouldn't complain), and move on to greener pastures.

IIRC, you have to own a home for TWO years you escape the Short Term Gains penalty, not the ONE year claimed by our friend above...