Capital Gains Tax

[Derek Johnson]

I am really looking for an answer from a CPA specializing in real estate, or someone who has been through the situation and had assistance from a CPA.

We bought a house for $69,100 and are thinking of listing it for $118,500. We've only been in the house for 4 months so we aren't exempt from the capital gains tax. My first question is how much would that be if we got our asking price? I'm married and make $60k per year. Secondly, if we were to use the profits from the sale to purchase another house is there a way to offset some of the taxes? Not an exchange because we've lived in the house it wasn't intended as a rental. I'm looking locally for a CPA but thought I might get a quick answer here.