Do I pay tax on selling my fha home

[Dee Xixi]

I just sell my fha property which i own for 1 yr and six month, just wonder how much tax to pay or do i have too. I want to use the profit as down deposit on two rehab property.

[Account Closed]

You're not entitled to a capital gains exemption because you haven't lived in the house long enough. You'll pay taxes on the gain which is the difference between what you sold the house for less any closing costs and basis you have in the house. The basis is what ever you originally paid for the house plus any capital improvements made to the property.

If you rented any part of the property or claimed a home office deduction you will be subject to some depreciation recapture as well.

Chances are after 1 and a half years you have very little tax to pay.