Flipping Houses

[gonefishing]

hey guys,

i am thinking about selling a house i just bought 3 monthes ago becuase i am getting a good deal on a better house but was told that there is a tax i would have to pay if i sell it before i have owned it for 12 monthes. is this true and if not what is actual law or rule.

[CRX-R]

I think it's 6 months and it's Capital Gains tax on the profit

EDIT: you have to LIVE there for 6 months

[t-im]

Ref. to this: http://forums.beyond.ca/showthread.php?s=&threadid=122635&highlight=sasso

[gonefishing]

Originally posted by t-im
Ref. to this: http://forums.beyond.ca/showthread.php?s=&threadid=122635&highlight=sasso

thanx i don't know why i didn't see this post before i have been thinking about this for awhile