Hi PFC, I just bought my first home, a condo d, about 2 weeks back for $825 (inclusive of tax, closing costs, etc). It is now my principal residence and I was planning on keeping it and living in it for at least 2 years before maybe selling it.

However, today I had a realtor come in with his client and they told me they would be willing to buy my unit right away (pending mtg approval) for $950k.

That’s a fat $125k price increase. In just 2 weeks. Minus, say, $30k in selling/closing fees)

If I sold my condo to this person, even though it’s been my primary residence for the past week,

1. Will I Still be taxed at 50% cap gains on the $125k? Or is it on the (125k-30k) = $95k?

   If I am paying that cap gain,

2. how long do I have to keep it as my primary residence before I am exempt from the capital gains tax?

3. Are there any partial exemptions I would get for as a first time home buyer, and it still being my primary residence (even if only for a few weeks?

I appreciate the advice in advance!