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Yes, you can sell a house just after purchasing it. Depending on the profit that you make on the home, you are subject to pay Capital Gains Tax.
A capital gain is a profit that results from investments into a capital asset, such as stocks, bonds or real estate, which exceeds the purchase price. It is the difference between a higher selling price and a lower purchase price, resulting in a financial gain for the investor. -Wikipedia.org
In California, Capital Gains is 25% of your profit. Since you will not have lived at the residence for > 2 years, you will not be able to exclude up to $250,000 "Residence Exclusion" for a single person from your taxed amount. The amount that you are allowed to write off from your profit depends on how you hold title. Please reference the following:
http://www.irs.gov/pub/irs-pdf/p523.pdf
http://www.irs.gov
Also view this thread as it has a lot of good information:
http://answers.Google.com/answers/threadview/id/768757.html
Hope this helps. For more real estate stats/info/fun facts, visit my blog at www.wordpress.com/thomsonteam.
What else can I help you with?
What taxes do you pay when purchasing a house?
When purchasing a house, you may need to pay property taxes, transfer taxes, and possibly capital gains taxes if you sell the house for a profit.
Would you be considered a first time home buyer if you purchased and then divorced?
NO. A first time means just that. The purchase of a house is your first time purchasing a house.
Is it worth buying a house for only 3 years?
Buying a house for only 3 years may not be worth it due to the costs involved in purchasing and selling a home. It typically takes a few years to recoup these costs through appreciation in the property's value. Additionally, the housing market can be unpredictable, so there is a risk that you may not be able to sell the house for a profit after just 3 years.
How long do you have to wait after purchasing a house before you can refinance it?
The typical waiting period to refinance a house after purchasing it is around 6 months to a year.
Is it illegal to sell a house for cash?
No, it is not illegal to sell a house for cash.
What taxes do you pay when purchasing a house?
When purchasing a house, you may need to pay property taxes, transfer taxes, and possibly capital gains taxes if you sell the house for a profit.
How do you sell your house on club penguin?
you can't sell your house you just upgrade it for a new one. but you can only do that if your a member
Is it legal to sell a house that has been burnt?
It's not. Just don't sell it as a house, methinks. Good luck, though.
How do you switch to another house in AQ worlds?
just sell your current house and buy a new one.
Can you sell a house in Grand Theft Auto san Andreas?
CJ just buys property, he doesn't sell it.
What store's sell GPS trackers?
Amazon, Brick House Security, just to name two places that sell them.
Would you be considered a first time home buyer if you purchased and then divorced?
NO. A first time means just that. The purchase of a house is your first time purchasing a house.
Is purchasing cannabis seeds in Canada illegal?
I don't think so... I think the law is that you just can't sell already grown plants.
Can you sell your house on RuneScape?
no you can not sell your house on runescape.
How do you sell your house and everything in it in adventure quest worlds?
just dance 2013 comin out
Is it worth buying a house for only 3 years?
Buying a house for only 3 years may not be worth it due to the costs involved in purchasing and selling a home. It typically takes a few years to recoup these costs through appreciation in the property's value. Additionally, the housing market can be unpredictable, so there is a risk that you may not be able to sell the house for a profit after just 3 years.
How do you sell your house on smallworlds?
You can't sell your house on Smallworld.
