Posted by Ed Copp (OH) on January 19, 2001 at 17:42:37:
Property purchased for resale is not subject to capital gains treatment.
Taxes on property gains for N/O/O properties. - Posted by Anthony (ID)
Posted by Anthony (ID) on January 18, 2001 at 17:19:46:
Hi Everyone,
First place I thought to ask the question because of the available knowledge here.
If one was to purchase a property, fix it up, then sell it for a profit, how much does Uncle Sam want of that profit? How much does the state want usually, or if you know, for the state of Idaho.
Thanks in advance for all helpful responses!
Anthony
Re: Taxes on property gains for N/O/O properties. - Posted by Frank Chin
Posted by Frank Chin on January 19, 2001 at 05:43:55:
Go to the WEBsite www.apiexchange.com
After you enter their main page - click the button
“Capital Gain Tax Calculation”
A capital gains worksheet appears.
While this is for a 1031 exhange, its a worksheet that gives you the needed calculations for figuring a NOO capital gain.
Re: Taxes on property gains for N/O/O properties. - Posted by JPiper
Posted by JPiper on January 18, 2001 at 19:37:56:
Your profit is taxed at ordinary income tax rates, both state and federal. If the you do your deal in a corporation, then the federal rate on the first $50K profit is 15%. Can’t tell you what Idaho’s rate is…look at last years taxes for an indication.
JPiper