taxes
Just wondering about capital gains tax for the rehab business. Can anyone that has completed a few deals tell me anything about it.
Thanx,
Keven
Just wondering about capital gains tax for the rehab business. Can anyone that has completed a few deals tell me anything about it.
Thanx,
Keven
to qualify for capital gains you must hold for two years . If you live there two years you are tax free.
I rehab and sell takes 60-90 days. That is income tax just like any product to be warhoused and resold. Income tax is rule of thumb 30% of the profit. Cap gains is20%. Everything is 100% deductable with income tax that is needed to complete and sell the product, n this case homes