I just sold a second home and profitted about $30K. Approx. how much will my tax hit be? Is there any way to re-invest some of this money to ‘shelter’ it? I will, of course, get advice from a professional but I wanted to get a general idea before crossing that bridge. Thanks.
Long term capital gain is taxed at about 20% IIRC and short term is either 30 or 40% not sure.
Dont have a 1040 guide book readily accessible for exact % and term definitions.
Sort of off the top of my head. 
Long-term capital gains in the US are currently 15%, or 5% for people with very low incomes. (I forgot the exact numbers.)
That’s for federal taxes; your state may have an additional capital gains tax.
If it’s your primary residence, you can deduct up to $250,000 in gains, or $500,000 if you’re married.
I’m not a tax guy, so make sure you consult a real one before you do anything.
You have to have lived in the house for 2 years to take the primary residence deduction, but yeah, no capital gains at all. I am pretty sure the figures above are correct, too.
in the white north youre exempt if you reinvest in land within a year