Updated over 7 years ago on . Most recent reply
Tax
You are taxed for the capital gains whenever you rehab a home for a profit. True or not true? I've heard about this many times and never actually got a clear answer. Your help is always appreciated.
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
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No. It's taxed as ordinary income, plus self employment taxes of 15.3%(SS/med).