Don't Want The Condo

Are you sure you’ll have any profit to worry about, if you sell that soon? You can subtract from the sale price your original purchase price, legal costs of buying and selling, anything spent on permanent improvements, and any real estate commissions.

You could sell after you'd owned and occupied the condo for at least two years and take up to $250,000 profit free of federal capital gains tax, $500,000 if you're a married couple filing jointly.

Before that, if you had owned it at least one year, your gain would be considered long-term, federal tax no more than 15 percent. But if you've owned it less than a year, any gain is short-term and taxed at ordinary income rates.