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Updated over 8 years ago,
Taxes on sell of property
I just sold my first flip! Was able to get a great deal on a MH and turned it for a great profit. Was all in at just under $50,000 and sold it for $75,000. Now for the sad part..... TAXES. How much should I set aside? I took a big pay cut to position myself for doing real estate so I'm guessing my net income will be under $75000 unless I can find another good deal. If that happens I will still be under $100,000 filing married/joint. I believe Georgia has a 6% rate.