Figuring out Capital Gains on my sale

[Nick R.]

Hi all,

I'm considering selling my primary residence which I have lived in for a year and a half. I bought it for $76,500 and figure I can sell it for $90,000. If I understand correctly, I can deduct the real estate commissions (5% of sale price) and improvement costs (approx. $1,500) from whatever the final sale price is in order to determine my gain.

In assuming my scenario, my gain is $7800 and I would be taxed at 20% ($1,560) leaving me with $6240 to pocket, correct?

Is there anything I'm missing or should take into consideration? Thanks for your help.