New to Bp / first time sale and getting taxed ?

[Alexander Martinez]

Hello just found out about Bp and looking forward to using it, also just made my first ever sale and stoked ! I am however worried about getting taxed on my duplex I just sold I owner occupied it the whole time and rented it the whole time what should I expect at the end of the year ? 

[Account Closed]

Congratulations.

You'll have to find someone who understands tax accounting, a bookkeeper/accountant/tax attorney, and just sit down and run through the numbers.  As you do, take notes, and I suggest that before you do another investment, have a plan for dealing with the taxation.

In every deal I have ever done, taxation was one of the three or four decision factors for buying, selling, holding, etc.  It can represent 30% of your bottom line.  You need to pro forma the tax situation before you even buy.  You can make money without knowing the tax situation.  But you can make a lot more money by understanding the tax aspect.

Good luck!