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Updated over 3 years ago,
Capital gain tax calculation
Hello,
We have bought a house as a primary resident and due to personal reasons Its seems like we are going to need to sell it about a year after the house was purchased. I'm trying to read to read on line but I don't understand if there s a different tax if holding a property less than en a year, more than a year but less the two year?
Also - what would be the rate of the capital gain tax if I net about 50K? are the closing cost and realtors commission being taking into consideration when the determining the taxable amount?
Thank you!