All Forum Posts by: Jonathan Sammarco

@Charlie MacPherson - hey Charlie - what time do you generally meet up?

@John Delosreyes thanks John

@Ryan Evans appreciate the feedback

How does one go about raising capital to do more flips after they have a successful track record. I have two extremely successful house hacking portfolio over a three year period. 100%+ return on investment. I’d like to leverage that track record to start a fund in Boston. Any advise? Meet-ups? Road show? Build a pitch deck?

Thank you,

Jon

@Niyi A. Any Boston meet ups in the near future?

Thank you, Natalie.

To confirm, yout mentioned the capital gains tax. That tax would not be different between under 1 year and over 1 year. Both 6 months and 13 months sales pay the exact same amount. (No IRS exemption)

I need clarification of the tax expense related to a sale of a property that was my primary residence. 

Let’s say I make $100k on a sale of my primary residents. Profit. This is after including all cost associated with the sale including construction and realtor fees. For ease let’s say I’m in the highest tax bracket. I’d like to know how much I would pay in taxes on the above in two situations. (Note in this situation I moved for no specific reason ie. didn’t give birth to triplets and didn’t get a new job in another state. 

1. I lived in the house for 6 months then sold. How much do I owe in taxes. I didn’t roll into a new property

2. I lived in the house for 13 months then sold. How much do I owe on my $100k in profit?

3. Does it change if I roll the $100k in profit into my next property. 

I realize there is the $250k tax free if I live in the house for 2 years. But I won’t be doing that.

Is it short term capital gains for situation 1 and long term for situation 2? Can I roll it into a new profit and postpone paying taxes?

Feel like this should be an easy question to answer but I can’t find a consistent concept.

Thank you,

Jon

@Rich Hupper

Hey Rich - I'd like to better understand how to look for these units in mass.  I tried to follow your above instructions but came up short. Would you be willing to provide a step by step? Sorry to be bothersome. Any guidance you could provide would be much appreciated.

Jon

Thanks for the responses everyone - very helpful. 

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