Capital From Selling Own Home

[Melody Kushi]

Hello BP Community!!

My wife and I decided to sell our home and invest whatever profits came out of the deal. In the meantime, I have been binge watching YouTube videos, networking at REI events and attending any seminars that pass through the Tri-State area.

Our home sold within 2 weeks in the market and we will close in the beginning of November.

My question is: we created an LLC to support our future Rehab and Flipping dreams. Should the profits go directly to this business account for future down payment?

Do we have capital gain fees because we sold 1 month short of 3 years in NJ?

How does this (LLC/sell of our home) affect our personal taxes?

When is a smart time to create a C-Corp? Asking since, we will like to at least have another LLC created for a rental property in the near future.

Any other recommendations to do with the profits?

Your help is greatly appreciated!