When utilizing turbo tax, a capital gain of $65,550 was used for calculating taxes.  

Property tax: As I mentioned I've seen residentially zoned properties that are property tax designated as a 'commercial' millage rate.

To facilitate that process, they enter into tax treaties where they clarify how they will tax a foreign citizen that invests in their country.

Unlike passive rental income, the income from an active trade or business is subject to self employment tax (a nasty 15% tax commonly referred to a "social security and medicare" by working folks).

Quick one,I understand profits from wholesaling activities are tax as ordinary income; but, is there a way to minimized the taxes that one needs to pay from money earned in wholesaling?

A 1031 will let you use that deferred tax as well for your next purchase. 

Yup, give Action Tax a call at 253-288-8829.

How much are you putting down & what's your state property tax?

The 5-year rule related to Roth conversions (different than the 5-year rule that applies to earnings) determines whether or not the conversion PRINCIPAL will be PENALTY free (the converted amount is NOT taxed “again”).Check this out for more detail than you ever wanted: https://www.kitces.com/blog/un...Thanks for clarifying, with the 5 year rule, withdrawing principal within the 5 years will result in penalty (not tax as I said in my post).

Especially, when he may not owe any Federal or State Tax as a result of the purchase and if his tax pro knew how to leverage the tax benefits available.