We don't practice real estate law on this forum.
The ability to rescind a contract, and in particular real estate, is a standard practice but the time frame will vary by state.
Edit: The ability to rescind a contract is available in certain circumstances; failure to disclose material facts, misrepresentations, to name a few instances.
Contact your real estate agent or read your contract.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
