Updated about 5 years ago on . Most recent reply
Taxes! Taxes! Taxes!
Hi,
I am new investor and wanted to see if I could increase my retirement savings that were gaining a few pennies literally on the dollar. After speaking with a local flipper, I invested in one of his projects to see if it was a viable income stream. Through this process, I have learned patience and always get a contract. Needless to say, the house took two years to flip due to unforeseen circumstances like a hurricane and was sold this year. Coincidentally, I will be receiving my initial investment plus 15% per year. What is the tax burden? Is this consider a capital investment? What are some ways to keep track of your taxes especially with real estate?