Q: I live in Chicago and want to sell my condo which I’ve bought in march of 2008. My question is: if I sell it now few months later do i get charged 30% by the city from my profit. and how long do I have to wait to sell, so I don’t get charged that 30%.
A: You are not charged by the City, it is a federal tax (called capital gains) that places the tax levy. If you live in the property for 2 of 5 years you own it, you could have an exemption. It also must be your primary residence. There are certain circumstances, such as hardship, that could also exempt you from the tax. Go to www.IRS.gov & research it more or consult a tax adviser.