In ohio what rate are you taxed on a reselling of a home within one year for profit… Say 50,000 dollars profit after the purchase, rehab, and resell (legitimate work done) within one year time. How high is the Capital gains tax?
Flips don’t have a capital gain. They are taxed as ordinary income.
In addition to ordinary income taxes on your profit, you will also be subject to self-employment income taxes on your federal return. Ohio also has its own state income tax, so add that to your federal tax liability when you are computing the total income tax hit.
ok thanks guys