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Updated over 9 years ago,
Taxes on 6 month flip
I bought a SFH that was 3/1 split level for 65k it appraised for like 120k but needed much work and rehab done to it. I am 5 months into it and finishing up ended up spending around 25k full gut rehab also added a room and bathroom but when it comes to taxes if i were to sell would i be hit with capital gains taxes? at what percent? and can i get a tax write off or something beneficial to the 25k in repairs i made to the property? thanks for any imput :)