Hi all - I purchased a townhouse for $379,000 about 13 months ago (purchased pre-built, so got a "good" price). It's a great place, but we're seriously considering downsizing.
Today, it is worth ~$410,000 (the other unit like this sold at that price a few months ago). I'm aware that if I wait until we've been there 2 years, then there aren't any taxes on the gain. However, I am trying to understand the costs if I sold now.
Is it like this: Sales Price - Purchase Price - Realtor's fees - any other seller fees = profit? And then, that profit number is taxed at my capital gains rate? If so, in this case, my profit would be zero, so therefore I don't have any taxes to pay, right?
Thanks for any insight!