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Old 04-06-2002, 11:38 PM
RJWainer
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Question

Capital Gains Tax on Home

i live in NY state and bought a condo in august of 2001 for 231k. I would like to sell my home for 270k and use the profit to purchase a house of greater value. Since I have owned the condo for only eight months, do I have to pay capital gains tax on the profit of selling the condo?
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Old 04-07-2002, 10:53 AM
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I don't know why Uncle Sam thinks he deserves a share of this profit, but it's income and you haven't owned it & lived in it long enough.

My answer ( as I understand the rule) is "YES"
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