The sale of a second home will qualify for capital gain income based on the standardized guidlelines of ownership term of the asset.  So, if you have held the home for over 1 year it would qualify as a long term capital gain, if held for less than one year ans sold at a net profit, the gain would be considered a short term gain.  Same holds true if the property is sold at a loss in determining if it is a long term or short term loss.

If the property was held as an investment home and thererfore possibly depreciated each year, you would be required to recapture any depreciation at a tax rate of 25%.

As always, you should consult a local tax professional for tax related questions.