1 January 2018 | 40 replies
so depending on your tax situation ( and most people don't ask this up front) you could sell and even break even but still have a pretty big tax bite that would be taxed at ordinary income rates ( I think ) .. so one really needs to think landlording through in detail.. no one mentions this I have been on BP now for almost 4 years and I have never heard one person talk about the exit and what is all involved.
21 April 2019 | 13 replies
If the IRS determines that your intent during the year was always primarily to resell (think like a long rehab and flip) then they can call the gain ordinary income and you would pay regular income fed and state plus maybe self-employment plus maybe the ACA surcharge - It adds up tremendously.
11 February 2020 | 3 replies
The units aren't in bad shape at all (they look very ordinary), but as tenants move out, I've been ripping out the carpet, putting in some modest upgrades, and making them nicer and raising rents.However, I inherited these tenants on the property who have no desire to leave even with rent increases.
20 May 2020 | 3 replies
If you see anything out of the ordinary (i.e. non mortgage) I’d check with an attorney.
25 January 2023 | 55 replies
We were satisfied with what we saw - nothing out of the ordinary.
21 January 2020 | 144 replies
Your income from a flip is NOT capital gains, it ordinary income and it is taxed at your marginal tax rate.
19 August 2017 | 15 replies
. , indeed a good quick flip at 83% of ARV.Mind my asking: your gross $35k profit shrinks by buying/selling transaction costs and then you pay full ordinary income tax.....you're selling the type of property a fix/hold investor wants to hold?