Wait, you bought a resale? Can't you sell that at ANY time and recoup your profits?

Isn't it just NEW houses that you must wait a year to sell??? So your claim that you must "wait a year to sell" is false?

Didn't your home inspection show any of these deficiencies? You DID have the home inspected, right?

If it passed inspection, you're saying all of these problems suddenly occurred in the few months AFTER you bought the house?

https://c.tenor.com/FfeH5Xw94cAAAAAC...d-jeopardy.gif

home inspection showed nothing, what a suprise.. another unqualified contractor. the capital gains will kill me. I am not supporting THIS government. When I called the "home inspector" about the issues I found his answer was that they weren't there when he looked at it. not that i believe for a minute that he really looked at the house. Nothing I have ever said on here is false.. I only speak the truth and believe me this place is a not as nice as people may think..

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...

You were given no pictures of the inspection? They would certainly show some of those "defects" (although a simple toilet flush valve is something that can fail in 8 years...)

you might be right about that. I did some Googling on it..what I found is that the 2 year rule applies if you are seeking to avoid capital gain entirely, claiming it was a primary residence.

I could not find a definitive answer on whether you needed to keep it 2 years to qualify the gain as a long term capital gain.

When I had the home I was buying inspected, I was there during the inspection, with my realtor. The guy did a good job. While he crawled around checking things I wouldn't have thought of, the realtor and I looked at stuff like cracked ceilings etc. the stuff you don't have to be an expert to find. Most of that stuff you'd see when you looked at the house before you decided to buy it. If it's still functional, and the cracks etc. are "cosmetic" issues, the inspection is too late to dicker over that. You need to find that stuff before you make your offer.

If you purchase a home, and then find the ceilings and floors have cracks, well...you could have seen that stuff before you made your offer.