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Updated about 6 years ago on . Most recent reply

Chase Romine's profile image
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Chase Romine
  • Rental Property Investor
  • from Kentucky
  • Member since Jun 2, 2019
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Chase Romine's profile image
Chase Romine's profile image
Chase Romine
  • Rental Property Investor
  • from Kentucky
  • Member since Jun 2, 2019
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Chase Romine
  • Rental Property Investor
  • Kentucky
11
Votes |
26
Posts
Starting Out

15% Taxes for flipping?

Chase Romine
  • Rental Property Investor
  • Kentucky
Posted

Hey everyone,

New to this. (Read a few books) but was wondering about the 15% tax on flipping homes since your considered a business. Is it 15% in every state? If not, how do I figure out what all my charges will be? Not sure who to talk to..

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Jason D.'s profile image
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Jason D.
  • Rental Property Investor
  • from St. Petersburg, Fl
  • Member since May 8, 2017
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Jason D.'s profile image
Jason D.'s profile image
Jason D.
  • Rental Property Investor
  • from St. Petersburg, Fl
  • Member since May 8, 2017
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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
Replied

@Chase Romine yes, 50% of gross profit. Paid at tax time with your regular income taxes

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