My husband and I purchased a second home in June, 2019 and we are looking to sell it in the next few months. We are not using it as a rental, one of us has been living in it. It was purchased below market value and we have done some much needed repairs. What are the tax consequences if we are able to clear $10 to $25 thousand on the sale? Will it be capital gains? If I stay in it for two years will that negate the capital gains?
