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