- Joined
- Oct 4, 2009
- Messages
- 31
In 2009 I have sold one property for $40k more than I bought it for. I took the profit from this property (about $20k) and reinvested it in another property. I renovated the second property and may sell it for a profit of $80-$100k net profit. If I reinvest this profit in same calendar yr, do I pay capital gains on these properties?
I have created a real estate corporation. What will be the amount of capital gains?
ie $20k first property x 50% x corporate tax rate of approx 20% =$2000
2nd property $100k x 50% x 20%? =$10k
Thanks, I just joined REIN this wknd,
Jeff
I have created a real estate corporation. What will be the amount of capital gains?
ie $20k first property x 50% x corporate tax rate of approx 20% =$2000
2nd property $100k x 50% x 20%? =$10k
Thanks, I just joined REIN this wknd,
Jeff