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My wife and I are relocating and need to sell our house. We've lived in it a little over a year and a half. If we sell it before two years, I understand we'll have to pay tax on the profit. We are trying to decide if we should just get it over with and pay the tax or keep our permanent residence in the house for another 5 months and commute to the new town. I'm trying to figure out what our cap. gains tax rate would be. I assume it has something to do with our income bracket. Is there an online resource that has all of this info. Trying to make an informed decision.

Thanks,

1fw
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My wife and I are relocating and need to sell our house. We've lived in it a little over a year and a half. If we sell it before two years, I understand we'll have to pay tax on the profit. We are trying to decide if we should just get it over with and pay the tax or keep our permanent residence in the house for another 5 months and commute to the new town. I'm trying to figure out what our cap. gains tax rate would be. I assume it has something to do with our income bracket. Is there an online resource that has all of this info. Trying to make an informed decision.

Why are you relocating? If it's a job move, you can get a partial exemption. see the posting a liitle earlier:

http://boards.fool.com/Message.asp?mid=15970496

and the responses.

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Thanks so much for the heads up. We are moving because of a job change. If I am reading the IRS page correctly, we shouldn't have to pay any tax on the sale.

1fw
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That's the way I read it too. Good luck on the new job.
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