If i buy a house with a conventional loan at 63k. I sell it for 85k. What kind of taxes (%) would i have to pay for? How musch if it’s capital gain or regular incometax??
i am wanting to know as well
Not an expert or anythng close but ive been told if ur going to flip properties look into forming an S-corp. for tax breaks…
If you hold the property for less than a year, it is taxed as ordinary income. The amont of this tax depends upon which tax bracket that you are in when you add all of your income up…
If you hold for more than a year, you will be taxes at the capital gains rate…
There are some things that you can subtract out (improvements, some closing costs, etc.)…
Keith
Great answer again Keith!!!