Ready set... CAPITAL GAINS ?'s
So we are ready to get our first house and we have a schedule to have it completed in 8-10 weeks and on the market right after that. We have talked to our realtor we have a plan, everything laid out but I keep getting more and more confused on the tax side of everything.
I have mentioned this before (and I know I need a new CPA - working on it!!!). I am in the 31% tax bracket and my boyfriend Dan is in the 36% for his business/himself. I want a CPA on my "dream team" that will tell me what to do to benefit us all.
We are going to do majority of the work 80% the rest will get done by Dan's subcontractors (plumbing, electrical, roof). Should I have Dan's company bill me for the work or should I just pay for the merchandise and the subcontractors? What would be the best way to get this so we all benefit.
We got the house for $12k
We will put an acutal $13k into it (unless we have the co. bill us then we can make it look like it's more)
We will list the house for $42k and it will most likely sell for $39k or $40k.
I know there's a lot of "IF'S" and .... but can someone give me a little insight on some suggestions.
Dan and I are not married we have twin boys and have lived together for 5 years. Marriage is in the future but not for another 3 years or so, the houses will always be under my name and not his.