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Capital Gains Tax on Fix and Flip: What is due and when?
Hello BP people! Can someone educate me on what taxes are due after you sale a property that you have bought, fixed, and sold at a profit...assuming it takes about 6 months? My question is specifically regarding capital gains. Many thanks! - Cole
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
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It's not capital gains.....it's ordinary income plus self employment SS/MED taxes(15.3%).