Capital Gains Limit for a Flip?

[Adam M.]

Hello BP,

Let's say Johnny buys an investment property for $165k in the state of Texas and puts $30k into it for a total of $195k; the property sells for $300k 2 months later.

Johnny has had some experience with flipping homes (primary residence) in the past and is aware there is a limit on capital gains tax for profits under $250k. Since this is an investment property and in a different state (Texas instead of his prior experience in New York) how much of Johnny's $105k profit can he expect to keep?

Johnny is not married and has a W2 job. The flip is in an LLC's name.

Appreciate any guidance here please so that we can get Jonny squared away! 

[Sean O'Keefe]

Johnny should get a real estate CPA