Posted by JOHN K HASLACH, CPA MST on May 26, 2004 at 12:51:07:
Much depends on your individual situation, but in general:
- Short term is taxed at the same rate as your other income, long term is taxed at a maximum 15%.
- The tax would be due in the “quarter” you make the sale, but there are exceptions.
- Yes.
- Depends on your situation.
capital gain taxes - Posted by BABco
Posted by BABco on May 20, 2004 at 17:32:59:
I am about to conclude my first flip. I have a couple of questions.
- How much is capital gain, what percentage?
- Do I pay it at the act of sale or end of the year?
- Can you have enough write offs throughout the year and
receive the tax back on your tax return?
- What is the best way to handle the gain if you want the
profits readily available for spending?