Buying with a home equity loan

[Lisa Wright]

Hiya,

I'm waiting for approval for an equity loan to purchase a house.  It's pretty beat up so I need the gap before moving in. My plan is to sell this in Spring when the market kicks back in.  

Am I going to get tagged with capital gains because I'm not immediately rolling sale proceeds into the new property?  I've been here 5 years, and plan to pay off the loans in full when I sell my current.  (probably obvious but so you have the info).

I could go on about the loan and how annoying that process is.  No pre approval letter so I can't put an offer in, but that is a whole rant...

Thank you- Lisa