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What are the current capital gains tax rate when flipping a house?

Does anyone know what the current rate of capital gains tax when it comes to flip a house? Is the tax rate the income from the sale? Let’s say “flip” a house this fall. . . . Do I have to declare the tax benefits of my coming the end of the year? Any and all tips are greatly appreciated.

4 Responses to “What are the current capital gains tax rate when flipping a house?”

  • AmusedOne:

    250,000 per person, 500 k per person casada.Si the gain is long term, you are capped at 15% If this is a short-term gain of the CAP, you will pay substantially more tax deferred earnings cap altos.Puede two ways: 1031 Annuity Trust or private exchange.

  • cassandra:

    the rules of your personal residence, the rules are separate from rental or investment property. 250 000 / 500 000 refers to the amount of benefits to a single person or married couple can make tax-free. You can do this every two years. Selling a personal residence, within two years, and is treated as an investment property – with certain exceptions dif√≠ciles.Reagarding living investment, if you sell a house within one year after closing, the gain in the house taxed at the rate for all income. Regardless of the amount of benefits, the amount of benefit paid directly to your taxable income. You deduct all the expenses that went into the acquisition of loans and the maintenance of the house before flipping it and selling costs – this should reduce earnings. If you own a house over a year , the tax rate on capital is lower, but that is not “flip.”

  • novak-9:

    Your capital gains tax rate depending on the time it has that investment. If you have that house less than a year, its rate is almost equal to the rate of personal income will be. If you need to house more than a year, to become a long-term investment. The rate will be approximately 20%. except if the rate of personal income is less than 20%, then you may be qualified for a lower rate. If you sell your home this autumn, which may be taxed for the year 2006, unless you use the 1031 exchange. The 1031 will only work if the house is investment. You can sell this investment, buy another 180 days. (You have to find investments in 45 days) You have to try to sell the house if you owned this house less than a year. Consider your tax rate on income and how much you’re saving by paying 20% tax on capital gains, Check the housing market in the area (you going down fast, how much is lost with the sale next year). . . . . . . . . . This is all I can say without details of the situation. Good luck.

  • Mike:

    The flip of the property violates numerous federal laws and is against the law. Probably not a good idea to advise a person who is the process of committing a federal crime.

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