All Forum Posts by: 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. 

Can I as an owner, act as my own General Contractor? Or do all 203K  need to be done by certified 203K Contractor?

I have purchased my first single family home as well done very extensive gut rehab on the house. After the house sells my estimate capital gain is 200K. In order to not pay capital gains I am planning on also living in the property for 2 years. In the meantime I will try to cash out refinance the house to purchase another investment property for a flip. What is the best way to continue flipping. Is opening a company for the next house is the best idea?