Welcome to Just Answer. My name is ***** ***** it will be my pleasure to assist you with your tax question today.
If you purchased your condo in April of 2012 and then sold in in August of 2013, you would not qualify for the sale of home exclusion which allows up to $250,000 of the gain from the sale of your home to be excluded if you file single if you own and live in the home for 2 of the 5 years immediately preceding the sale.
You pay capital gains
on the difference between your basis and the sales
price. However, if you made any improvements to the condo, you would increase your basis by that amount. Also, your sales price can be reduced by real estate commission, closing costs, etc.
In other words, instead of paying paying gains tax on the entire $80,000 ($325,000 minus $245,000), you may find the amount to be less.
The following link contains information regarding the 2013 capital gains tax rates
Please let me know if you require further information or clarification.
Thank you and best regards,