Quote:
Originally Posted by bigdog
I plan on selling some Real Estate, which I have owned, less than one year.
Are there any tax laws consequnces I should be aware of, selling within this short amount of time.
Not sure if I will have any taxable gains, until I see what price the property actually sells ?
Appreciate folks feedback, thanks !
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Regardless of primary residence, second home or investment property since the holdings period is less than 2 years for primary and less than one year for second home or investment property any taxable gain will be subject to ordinary income tax rate (not the capital gains rate) for the bracket you fall into with all your taxable income from the year of sale.
FYI I am not a pseudo accountant, I am a CPA [emoji4]
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