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Jonathan Sammarco
  • Investor
  • Boston, MA
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Taxes 18 months after purchase

Jonathan Sammarco
  • Investor
  • Boston, MA
Posted Nov 3 2016, 13:24

I'm sure this has been discussed, but I lived-in a house (primary residence) and flipped it, Its been about 15 months and anticipate putting on the market in the next 60 days. Which would put me under the 2 year period to avoid taxes. Ill be making a profit. 

My question simply is, do the taxes get prorated? Do I only pay taxes on 7/24 (7 months under the 24 needed to avoid taxes) - So profit of 100K cap gains tax is 50% - $50K multiplied by 29% (7/24) = $15K in taxes rather than $50K. Am I viewing this correctly. 

Any guidance would be appreciated. 

I guess the title should be 17 months after purchase

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