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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.consumers.house - Date & Time for the message: Thu, 21 Apr 2005 02:33:37 GMT
/ Author of the message: "ClaudCar" |
Title of the message: |
Re: Short term gain tax (MD)
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Text of the message: |
short answer is yes. however the cost of the repairs/refurb are added to your cost basis. If you live in it, you can eliminate that if you are in it for 2 of the last 5 years. Short term CG is taxed at ordinary income tax rates, which can change your tax bracket and is viewed as a bad thing, unless you are making a "business" out of the real estate. Then a whole different set of tax laws apply. Speaking only on Federal Tax as I know NADA about MD. -- Claudia __________________________________ "Age is...wisdom, if one has lived one's life properly." --Miriam Makeba, singer "Elliott Plack, USAR" <elliott.plack@gmail.com> wrote in message news:1114049103.730666.184700@o13g2000cwo.googlegroups.com... > How does it work if you buy a house, fix it up, and sell it for profit > very soon after you made the original purchase? Are you penalized in > taxes for short term capital gain? How does this work? > . |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.