Capital Gains On Flipping A New Condo In LV (1 Month After Purchase)
Hello All,
I am in the process of purchasing a brand new condo in Las Vegas and there is so much equity built into it, my partner and I are planning on flipping it right away. We will be purchasing it on Friday 7/23 and plan to have it on the MLS by saturday. We plan on the gains being approx. 30,000 each (60,000 total).
We are also purchasing it with cash. My question is if we flip it within a month and earn a 60,000 total in capital gains. Do we have 2 years to reinvest it before getting taxed? And also can we reinvest it in a different state?
Thanks to all that respond.
Thanks for the valuable information.
Thanks for the valuable information.
[ Edited by battleground on Date 07/21/2004 ]