Quote:
Originally Posted by joey2665
Regardless of primary residence, second home or investment property since the holdings period is less than 2 years for primary and less than one year for second home or investment property any taxable gain will be subject to ordinary income tax rate (not the capital gains rate) for the bracket you fall into with all your taxable income from the year of sale.
FYI I am not a pseudo accountant, I am a CPA [emoji4]
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TO Joey2665
FYI, This is a second home...
So if I read your response correctly between the lines, if I hold property for 'more than' one year than it would fall into normal capital gains tax of 15%, and NOT as ordinary personal income tax rate... Do I have this correct?
Thanks !