The best way to make sure you are not paying too much on the sale of a second home is to make sure you include all expenses from the purchase of that home, the sale of that home and all improvements that were made to that home. This then increases the cost of the home. Tax is calculated: Sale price of home - cost= net profit (capital gain). It is also best, if you can, to wait a full year plus one day so that your capital gain is Long Term.
https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-short-term-vs-long-term-capital-...
Click on this link or copy and paste it into a browser to learn more about the capital gains rates. This is a great article and has wonderful information about each capital gain rate.
Katie S.
Katherine S 63
