Sales Taxes on flipped properties

[Anna R.]

If I am currently full time employed in Illinois and fit into the 28% Tax Bracket, what taxes do I pay for my flipped property? Am I still paying 15% of capital gains or do I pay 28% on capital gains due to my current earnings? What if my capital gains including my employed earnings are over 200K do I pay 33% as tax brackets indicate. Lets say that the property is my second property and I will sell it after 6 months.

[Jeff Rabinowitz]

If you sell before owning the property for a year your gain will be taxed at your marginal tax rate. The capital gains rate applies if you hold the property 1 year and 1 day.