rehabber? taxes on sale - Posted by JD orlando

Posted by David Krulac on March 19, 2002 at 17:03:06:

Sale price minus costs of sale minus rehab costs minus purchase price minus purchase closing costs = profit.

If owned more than 1 year then most people will pay 20% capital gains tax to IRS.

If owned less than 1 year then it is ordinary income taxed at YOUR ordinary rate, most people pay 28% but can be as high as 39.6% Federal.

David Krulac

rehabber? taxes on sale - Posted by JD orlando

Posted by JD orlando on March 19, 2002 at 07:06:45:

Doing my first rehab and wanted to know what do you do? Do you have an accountant take care of this.

When you sell how do calculate the taxes you will pay on the sale?