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Updated over 2 years ago,

Joe Farruggio's profile image
Joe Farruggio's profile image
Joe Farruggio
  • from New York, NY
  • Member since Mar 8, 2011
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Joe Farruggio's profile image
Joe Farruggio's profile image
Joe Farruggio
  • from New York, NY
  • Member since Mar 8, 2011
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Joe Farruggio
  • New York, NY
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Buying & Selling Real Estate

Flip & Taxes - Capital Gains?

Joe Farruggio
  • New York, NY
Posted

So I did my first flip. Worked out great. Bought it for $225k. Put another $125k in it. Sold for $450k. 6 Month time frame. Now... it's treated as a short term capital gain..... what can I offset it by? If I bought a truck through the LLC that the property was under, is it tax deductible? OR is the transaction treated singularly?

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