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how does Capital Gains Taxes work when you are flipping houses?

what is the rate? does it make flipping houses not worth it?

One Response to “how does Capital Gains Taxes work when you are flipping houses?”

  • wanosd:

    If you sell within a year or less, that’s taxed at your regular tax rate.

    If the time you buy and sell is more than a year, you will be at a long-term capital gains tax rate, which is less.

    However, if you live in that house for at least 2 years within the past 5 years, prior to it being sold, you can get up to $250,000 capital gains tax free if you are single, or $500,000 if you are married. This is assuming you have not used up this benefit for another house within the past 2 years or so.

    This is at the federal level. It may be different at the state level for the short-term and long-term tax rates.

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