My wife and i just bought a house but due to new circumstances we may have to sell it less than a month after buying it (we cannot keep it vacant or rent it).
The house cost $160K. Say we sell it for the (extraordinary) price of $200K. From what I understand we would have to pay tax as we didn't live there for 2 years within the past 5 years. However considering our joint tax return, we are in the 15% bracket. Does that mean we would pay 0% tax on capital gain? If not, how much tax would we have to pay on this virtual sale of $200K?