CAN SOMEONE TELL ME THE DIFFERENCE BETWEEN SELLING IN ONE YEAR OR WAITING

[Travis Elliott]

I was wondering what the tax difference is between selling a home before owning it for one year or after owning it for a year.. Is there a set tax percentage rate for both?

[Jon Holdman]

If you sell a house you've owned more than one year the gains are "long term capital gains". They are taxed at 15% (currently). If you own it for less than one year, the gains are taxed at short term capital gains rates, currently the same as your marginal rate. That's usually a higher rate than the 15% long term rate, but it depends on your personal situation.

That assumes you're not selling a personal residence and that you're not a dealer.