Normally, if you purchase a piece of real estate to fix up and sell it at later date, the profit is taxed under the capital gains rules. There are even more favorable rules if the property qualifies as your principal residence. If you live in it more than two years during the five-year period preceding the sale, you can often exclude the gain from taxation altogether under special rules for homeowners.
Tag: Best
57 MUST HAVE TAX TIPS
MEDICAL AND DENTAL EXPENSES
You can deduct most expenses relating to medical or dental diagnosis,
treatment or prevention as long as those expenses are in excess of
7.5 percent of your adjusted gross income (AGI).
AM I CONSIDERED SELF-EMPLOYED?
The key to determining if you’re self-employed is to assess whether you are in business for yourself or are the… Read more AM I CONSIDERED SELF-EMPLOYED?
Frequently Asked Questions on Affordable Health Care Act
How does the Affordable Care Act affect the tax return?
The tax return (Form 1040) is where individuals covered by the ACA whose gross income exceeds the threshold for filing a tax return are required to report if they have full-year minimum essential health care coverage for every person (taxpayer, spouse and dependent(s)) listed on the tax return.
InWorks Tax Services 