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| *Loan,banking and credit>>>estate tax |
DO I have to pay taxes on real estate investment? |
have property for 5 month, bought it to fix it and resale Any profit you earn from renting or selling the property will be taxable to you. If you rent the property, you can deduct depreciation as well as operating expenses from the rental income. If you resell, your profit will be equal to the selling price minus your cost for the property, including any costs incurred to fix it up; any depreciation allowed will reduce your cost. In addition, you may owe real estate taxes to the state or local government. Consult a tax preparer or accountant for details. There is not enough information to answer your question. Is this property a House? |
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