Holding a flip long enough for avoid higher taxes in PA?

[Anton Bachuk]

I am looking to get my feet wet in real estate and found a property that is in need of renovations in western PA. One thing I'm trying to figure out is just how quickly can I flip it. From what I understand any profit from the property I unload under a year would be considered "investor income" and can be taxed up to 37% and anything over a year would be considered a long term capital gain which falls in 0-20% tax bracket. Is this accurate? 

[David Krulac]

@Anton Bachuk The PA income tax is the SAME less than 1 year and more than 1 year at the flat rate of 3.07%, so for PA doesn't make any difference.  However for Federal Taxes the difference between Long Term Capital Gains more than 1 year versus Short Term Capital Gains less than obe year can be as high as 20% additional tax (15% versus 35%).