I was just wondering if you could legally buy a house, repair it and sell it within a year in NJ, or do you have to live in it for a certain amount of time? Also, if you sell the house that you repaired within a year, will the profit you make be taxed or can you avoid that by putting the profit into more real estate? Also, how much is this tax in NJ? Last question: Can you buy a house and rent it out right away?
thanks in advance
Umm, yes you can legally buy a home in NJ, fix it up and sell it. Why would that be illegal in NJ? Now taxes are something else. I know of the McMansion Tax (homes over 1 Mil) get taxed at 10K. But this only applies to New Construction. All permits are issues by the local municipal government. So fees and inspection requirement will vary from town to town. Also permit requirements will vary from town to town also, in one town you will need a permit to put in a ceiling fan, but in another town, they have no such requirement.
I was just wondering if you could legally buy a house, repair it and sell it within a year in NJ, or do you have to live in it for a certain amount of time?
It is your house, you can sell it the same day if you chose to.
Also, if you sell the house that you repaired within a year, will the profit you make be taxed or can you avoid that by putting the profit into more real estate?
It will be taxed as normal income. However, any improvements that you make can be deducted from the profit so you needn’t pay taxes on that part.
Also, how much is this tax in NJ?
New Jersey has tax brackets ranging from 1.4% to 8.97%
Last question: Can you buy a house and rent it out right away?
If you have wa willing renter, you can close on the property in the morning and they can move in the afternoon…
Hope this helps,
Keith