Hi Kandi,

This is super easy. Assuming it's your primary home and you live in it then:

- over 2 years then no tax (if profit is less than $250K for an individual or $500K for couples)
- over 1 years then 15% (long term capital gains)
- less than 1 year then the profit is added to your income and you will pay a LOT of tax (avoid this if you can)

The first time homebuyers credit is a different animal and I'm not sure about it and can't use it myself.

Talk to your CPA your realtor should never advise you on tax issues