Profit from quick sale won't be taxed.

[sleuth]

Just as I was about to call my accountant and ask this question... I saw an article in the Tester about capital gains on real estate. I only have a hard copy, so I'll type the pertinent portions.

If you statyed in your home for 24 months, you could take $250,000 in profits tax free. Because you'll be there only about 6 months, you should be able to take a quarter of the maximum profit tax-free. ... That would be $62,500, or a quarter of $250,000...

... if you continue to pick "hot" neighborhoods and make this kind of cash in less than a year, you might want to think about doing this on a regular basis. For more details ... you may want to look up IRS Publication 523, "Selling your Home" at www.irs.gov.

 

[Oz]

However, you can only use the exemption once every 24 months.

I think there may be requirements to using a partial exemption too. Like a job transfer beyond 300 miles, or a health issue.