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Tax, SDIRAs & Cost Segregation
HomeForumsTax, SDIRAs & Cost SegregationBest way to handle taxes on Flip house
Jerry Gandolph's profile image
Jerry Gandolph's profile image
Jerry Gandolph
  • Real Estate Investor
  • from New York
  • Member since May 25, 2011
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Jerry Gandolph's profile image
Jerry Gandolph's profile image
Jerry Gandolph
  • Real Estate Investor
  • from New York
  • Member since May 25, 2011
Connect
Jerry Gandolph
  • Real Estate Investor
  • New York
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Tax, SDIRAs & Cost Segregation

Best way to handle taxes on Flip house

Jerry Gandolph
  • Real Estate Investor
  • New York
Posted Jan 8 2013, 08:02

Hello,

Im closing on a property today that I intend to flip for a profit. I bought the house via forclosure for $115k, will put about $20k into it and will list it for $225k. Im curious what is the best way to approach the capital gains tax and how does it work? What percentage is capital gains in NY?

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