Property Gain Taxes in Maryland

[Aj Bowman]

Hi Everyone,

I am trying to understand how the property gain taxes work in Maryland. I know I can use a 1031 to work around the taxes for a little bit but I will using a private lender so I don't believe that will be an option for me in the beginning. I guess what I want to know first is how much are the gain taxes going to be in Maryland? Also are these taxes something I should put into my number in the beginning. My ultimate goal is to profit 25k per flip so should I push my goal up to 30k so I will get 25k after taxes or should I just keep my goal where it is. 

Thanks 

[Mark Creason]

Russell is right.  If you are buying and flipping, you would be considered a dealer and have to pay taxes as ordinary income.  Is your purpose to buy and flip, then you are a dealer.

Mark