Bought a house last year but have to move due to unforeseen life changes. I'm being told that I'll have to pay capital gains on any profit I make from the sale of the home as it's been under 2 years.

I’ve been told since this was my permanent residence for less than two years I have to pay capital gains. I didn’t believe it at first but I was also told this by a realtor. Is this true and is it state dependent? Where can I determine for certain?

Edit: Based on the comments so far, it's pertinent to point out that I've done some large interior renovations. So it seems I can deduct (?) that money from the gains as well.

Submitted August 13, 2019 at 04:33PM by soloreacharound https://ift.tt/2TvnnDa