Capital gains tax NJ

[Taylor Whylings]

My husband and I purchased our first duplex and we are planning to BRRRR to get ourselves started. We have several people interested in buying the property for what it is now worth and we are tempted to let it go and start fresh with a better cash position on the next one ( our BRRRR strategy is still within budget but all the $ into it is borrowed basically but long term loans that we can manage) My question is calculating capital gains tax in NJ to put into #s what the best choice would be. We could probably get a triplex or 4 plex next if we sell this one. Or so we just hold this, put our refi and cash flow toward the next one? It was a back up plan to sell but I want to make an educated decision. Thanks!!

Specifics: purchased for $69,000

Rehab costs: 60,000 so far but have a few things to finish

ARV: 189,000 (conservative)

Rents: total 2,100 (conservative)

Cash offer: 195,000. No closing or realtor costs for me

[Taylor Whylings]

@David Vitarelli. Thanks for the information!! I guess because we never planned to sell I was a little thrown off and couldn’t find specific % numbers to figure out what we would actually keep from the profits.. we have a meeting with a CPA but I am leaning toward holding the property because I don’t know that we would be lucky enough to find another property with this cash flow quickly. Plus this house has our blood, sweat and tears so I don’t know that I’d want to see someone else take it over at this point. Thanks for your response!