Posted by JP on August 27, 2003 at 17:42:22:
No one can answer this type of question. It depends on what tax bracket you are in and what your other income and deductions are. Putting aside 50% as you have done is probably the best thing to do until you figure that all out … because at least you know you’re putting aside more than enough and you won’t have to come up with the money later.
Question on taxes on profits… - Posted by Charity
Posted by Charity on August 27, 2003 at 16:57:32:
I know any input I am given on this forum is subjective and not tax advice, but I was curious how much you seasoned investors typically set aside of your profits when you make a nice chunk of change on a deal? We did out first Sub2 without an LLC (it was in process when we sold) and made $26,000. I was thinking of saving $13,000 of it for taxes to be safe. What do you all find is the percentage you are paying on things like that?
Charity