Is capital gains on selling a house the difference between the selling price and the purchase price?

Is capital gains on selling a house the difference between the selling price and the purchase price?
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#1

We have only lived in our home for 13 months and plan on moving closer to my husband’s work. We bought the house for $381k and will most likely sell it for $405k. Since we sold our other home in 2015 – we lived there for 10 years – we can’t use another exemption, right? My husband’s job moved 20 miles further east but not the 50 miles required. In 2017 we will have to pay capital gains on the profit of $24k. We are in the 28% bracket so we would pay around $7k. Also can you deduct sales commission from the profits to keep the capital gains tax at a minimum?


#2

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