Percentage for Taxes

Bird Dogs, Wholesaling
1

This might be an easy question but I was wondering what the Tax would be for selling a $100,000 house?

In other words I have reads where you factor into a flip what you pay, what it will cost to fix up and hold it, but does anyone ever figure in what “uncle Sam” will be claiming since the house wasn’t held for two years. I would think that as an investor not wanting to pay out of pocket more then you have to it would be in the best interest to add a close proximation on how much the taxes would be on the sale.

Am I off based or is that what the knowledgable investors are doing?
Thank you.

David

2

So is it safe to say that most people do not try and factor in what Uncle Sam will be taking out for each purchase?

Is there any accountants out there that have any idea on how much Uncle Sam will want? (example: if you sell a house for $250,000 expect to pay IRS 50,000)

3

Generally speaking you will be taxed by your tax bracket on your income taxes. It is considered income. Read… “The insiders guid to Real Estate Investing Loopholes” by Kennedy De Ross.

Malinda