Fix Up And Sell...capital Gains?
Hi there, I got a cosmetic fixer upper. Plan on getting 10-15 profit k out of the deal (bank repo, taking about 2 weeks to get ready to sell). Can I put the profit in a 1031 if the house wasn't a rental previously? If not, is this going to be taxed at a higher rate if I don't hold it for longer. I'm currently unemployed so my tax bracket is non-existing (collecting unemployment)... Any help with this would be appreciated. Thanks, Paola
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My understanding is it is taxed as regular income. You should post this in the tax forums. I'm sure Dave will give you more than a sufficient answer. He's a walking tax code.