How to calculate capital gains

[Gitit Hefetz]

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!

[Bill B.]

If you make $50k AFTER commissions, closing costs, incentives, etc (which has NOTHING to do with how much you owe or how big/small a check you get. Your BALLPARK would look like this. 

Less than a year, tack $50k on to your income last year and see what bracket that $50k is in, that’s your federal taxes, do it again for state income taxes.  ($11k give or take for most people federally)

1 year and a day (until actually sold, not listed) there’s a 90% chance you’ll pay 15% tax ($7500 give or take federally)

Make it to 2 years and 1 day zero tax both federally and state. Hence the incentive to try to make it two years. 

As mentioned above there’s a chance if you’re moving more than so many miles for certain East s you can get a % of that 2 year tax free deal.