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if you sell the house within a year of it being put in your name, you owe tax at the ordinary income rate; it is just like getting more wage income. 

 

HOWEVER, you may want to get a local tax professional to review this situation.  You may otherwise pay a lot more in tax without that advice.  The price you paid for the house implies a gift as it was probably worth a lot more than $82k when the transfer from your parents occurred.  The higher the value of home at the time of that transfer, the less tax you will need to pay upon sale.

 

On the other hand, if you sell (and live in it) after two years, it's probably not going to matter due to the exclusion available; there would be no tax.