Hello Everyone - I applogize in advance if I posted this incorrectly as this is my first post. I was not able to find anything related to this subject in other posts so I am creating a new one.
I've gone ahead and purchased a property that was an estate sale. I was able to get it for $75K under the asking price. I used some of Deans tips and was able to explain why I thought the property was worth what I was offering. The sellers accpeted my offer and I am planning on closing Oct 23rd!
The question of Capital Gains tax is now coming up for me. I have done extensive research and understand that if I sell the property in less than one year I could be taxed up to 35% on the profits. If I wait past the one year then this will be significantly less but still I will have taxes to pay.
Does anyone know about Capital Gains tax or have any suggestions on it. The way I look at it is that if I am able to make a profit and move to the next I am ok with paying the taxes - I'm figuring it into "start up costs".
Any thoughts or talk on experiences in this area would be much appreciated