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Updated almost 7 years ago on . Most recent reply

Colby Shelhorse's profile image
Colby Shelhorse's profile image
Colby Shelhorse
  • from Evington, Virginia
  • Member since Jul 19, 2017
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Colby Shelhorse's profile image
Colby Shelhorse's profile image
Colby Shelhorse
  • from Evington, Virginia
  • Member since Jul 19, 2017
Connect
Colby Shelhorse
  • Evington, VA
0
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8
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Buying & Selling Real Estate

Question about Taxes in Virginia?

Colby Shelhorse
  • Evington, VA
Posted

I have a question about taxes in Virginia. If I flip a property in Virginia in less than a year I know that I will have to pay capital gains tax on the federal and income tax for the state. My question is will I have to pay self employment tax such as medicare and social security on my profits? Could someone give me the breakdown of taxes they paid on a flip in Virginia?

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