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You owned the house for less than a year, therefore, the gain will be taxed as short term capital gains. It would become long term capital gains after your purchase date in October.

I had pretty much assumed that; but was really hoping I was wrong.

You am assuming that you are estimating the gain after closing costs (some from the purchase) and selling real estate commissions.

We have realtors and mortgage brokers in the family; so the costs are minimum. Our closing costs for the house we just bought were actually negative. We lucked out there.

It sounds like you get along well with your finance's mother. I would not have lived that close to my father-in-law.

Yep. I wasn't fortunate enough to marry into money; but at least I married into a good family.

-Ortman
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