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Capital Gains Tax - Short Term
I bought a property in 2015 and sold it as is with no improvements, no repairs, or depreciation charge taken. What are the tax implications with the sale? I'm probably going to get hit with a short term capital gains tax when Uncle Sam comes knocking. Any advise or indication is greatly appreciated.
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It appears that you bought the property to flip it for a profit.
In this case, your profit is Schedule C, ordinary business income (not capital gains) and also subject to the payroll taxes (FICA and medicare).