Capital Gains Question

[worriedIL]

What is the name of your state? IL

If I were to sell my condo in less then a year of owning it, and it has appreciated approx 20%, do I have to pay capital gains tax, and if so about how much? Also, does the fact that i want to roll over that money into a new home help me at all?

 

[PghREA]

What is the name of your state? IL

If I were to sell my condo in less then a year of owning it, and it has appreciated approx 20%, do I have to pay capital gains tax, and if so about how much? Also, does the fact that i want to roll over that money into a new home help me at all?

Read this: http://www.irs.gov/pub/irs-pdf/p523.pdf

 

[HomeGuru]

and post any further questions on the Tax Law forum.