Thank you for the response. So, just to clarify, the profit 'gain' will be based off the listing/ agreed upon sale amount of the home, in this case ~$600? The basis will not be taken from the finalized sale amount of the home after we put the downpayment down? If this is the case, our profit will be in the neighborhood of 35k. We have been in this house for just a few months shy of the two year requirement and we file married jointly. With such a small profit, will we have to pay long term cap gains?
