Take a Friend Snowmobiling

garyl62

garyl62

Active member
ezra said:
...this yr the tax on home sales kicks in. that is going to cut heavy in to flipping where alot of my toy money came from.
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Not to take this thread off track but I heard about this tax too so I looked into it and from what I could find, it only kicks in after the first $500,000 of profit on the sale, and then only if your married file/jointly with income over 500K. If you're turing those kind of numbers on flipping houses for toy money don't worry about getting that "round the house" f8! :)
 
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007_bond

Member
garyl62 said:
Not to take this thread off track but I heard about this tax too so I looked into it and from what I could find, it only kicks in after the first $500,000 of profit on the sale, and then only if your married file/jointly with income over 500K. If you're turing those kind of numbers on flipping houses for toy money don't worry about getting that "round the house" f8! :)
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Exactly...do your research people! I wish I knew one person that had $500k in equity! Leave politics off this website...it's the only escape I get. I can't wait to introduce someone new to snowmobiling this year. It only takes once to fulfill this addiction.
 
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ezra

Well-known member
My tax guy was looking into it and was still unclear but did not think that applied to investment property.
just your primary residence
 
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