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Updated about 1 year ago,

User Stats

15
Posts
1
Votes
Anna R.
  • Developer
  • Phoenix AZ
1
Votes |
15
Posts

Taxes on Flipped properties. Do I pay higher taxes?

Anna R.
  • Developer
  • Phoenix AZ
Posted

If I am currently full time employed in Illinois and fit into the 28% Tax Bracket, what taxes do I pay for my flipped property? Am I still paying 15% of capital gains or do I pay 28% on capital gains due to my current earnings?  What if my capital gains including my employed earnings are over 200K do I pay 33% as tax brackets indicate. Lets say that the property is my second property and I will sell it after 6 months. 

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