I agree with @Opus 17 , this should be treated as investment property, since there was not personal use. Whether 2nd home or investment property, any capital gain is taxable at long term gain rates. However, if there is a capital loss, the loss on investment property is deductible but the loss on a 2nd home (personal use) isn't. An inherited parental home, sold shortly after being inherited is frequently sold at a loss, considering the expenses of sale.
