Are Capital Gains Considered Income
I am building a new home with the intentions of selling. I have a partner and we are going to split the profit. The land is in his name. My question is are we going to be charged with capital gain taxes and income taxes. Say we make 100k on the property, capital gains are 20k. The extra 80k we will split, will that 40k be part of our income and be taxes as such. New at this so thanks for all the help.
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