OfflineI keep hearing every said i make money on this deal. But no one ever mention about taxes!!! Do you guy even take that into consideration?
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capital gain tax
Posted on: Thu, 05/14/2009 - 15:42
I keep hearing every said i make money on this deal. But no one ever mention about taxes!!! Do you guy even take that into consideration?
Depending on your state and tax bracket - you of course need to know what your capital gains tax will be. For me here in NJ it is 13% of my profit. So as long as you make a profit just know a certain portion of that should be set aside for end of year taxes. However, if you have a really good accountant (I do) and keep really good records - those capital gains can be offset by lots of other expenses/losses. Mine did not turn out to be anywhere near the 13% I had set aside.
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404