Posted by JOHN K HASLACH, CPA MST on May 21, 2004 at 10:47:26:
Based only on those facts, your gain will be taxed at the same rate as your ordinary income.
tax shelter - Posted by new orleans babco
Posted by new orleans babco on May 20, 2004 at 18:58:08:
senerio:
I want to buy a multi family, 6 unit property for $80,00.00
It appraises for $140,000. I want to borrow $30,000 for renovations. If I sell for appraised value, one month after I close, how much would I have to pay in income taxes or capital gains.