So here is the deal. Back in November of 2013 I bought a large fixer in a rural area ~20 miles from work. My better half and Ihave put in a ton of work (and not much cash) fixing this thing up. I recently went through a refinance and appraised at a much higher value than I paid (excepted based on comps at the time). I paid $410,000, have invested about $5,000, and appraised at $465,000. We've only been here about 7 months, so I was wondering if I were to sell the house what my tax burden would be. I'd also considering selling it to purchase another fixer property. So in short:
1) What is my tax burden if I sell the house outright? (7/24, something something, IRS website has me confused)
2) If I sold the home with the purchase of another home, my understanding is I would be exempt from taxation on the gains
3) What other properties would be eglibible for 2 above? Could I buy a condo or townhome instead of a single family?