Capital gains rules for short term flip

[Chris Mcmahan]

Hello, just needing some clarification on capital gains rules.  If i flip a house in under one year thats short term cap gains correct?  At what percent does that get taxed?

now heres the caveat.  I heard/read somewhere that if you earn less than around 40k a year that there would be zero cap gains.  Is this true?  Does this include the net profit from the flip or no?  And does it pertain to the year you bought it or the year you sold it?   

i bought in november 2021, and plan to sell in the next few weeks here in june 2022.  Last year i made less than 40k, this year i may earn more.

please advise!! 

thanks!

[Ashish Acharya]

There is no capital gain for flips even if you hold more than a year.