Taxes involved when flipping property

[Marshall Secord]

Hi BP, I quit my full time job and closed on a property a couple months ago in Philly. I’m doing most of the renovations myself and I’m starting to sift through the potential taxes incurred once I sell. I’m a bit confused with what I’m reading about capital gains and self employment taxes. I was thinking I would be taxed on my profit in a similar percentage as my old w2 job was taxed, but now I’m scared that Uncle Sam is going to nail me for nearly half of my profits. Can anybody shed some light on this?