where to buy house numbers

Capital gains tax – house sale?

We bought a house 1 year ago, paid $170,000 for it, spent about $10,000 on improvements and expect to sell it for $200,000. I want to buy a small horse farm about 40 miles from where I am now and go into business for my self – would the profit off the sale from my house be subject to capital gains or do I have to wait until I’ve lived in the house 2 years? Also if I get my projected price of $200,000, what would I be looking at paying in capital gains if liable? Keep it simple please – I’m blonde and crap with numbers!
Cheers
Cheers guys – great answers – just wanted to make sure that I wasn’t going to owe something like $40,000 or something crazy like that. Didn’t realize either that it came off after realtor fees etc. Makes me happy!!!!!

Projected price: $200,000
Net after commission: $188,000
Basis of home: $185,000 (add closing costs)
Capital Gain: $3,000

Tax: maximum of $450.

If you are careful to subtract your seller’s commission from the sales price, and add your allowable closing costs to the buy price, you can get your gain, and your taxes, down to almost nothing.

where to buy house numbers