I have purchased a foreclosed property and I am not sure I'll be keeping it long-term. I may decide to sell it immediately upon fixing it up, or within 18-24 months. It is a SFR, I will not be living in it. I realize I can do a 1031 exchange, but in the event I decide NOT to reinvest all of my gain, I'd like to know about what I'll owe in taxes. Thanks in advance for your help!
12 months or less will be at 30% and 15% after that.
I don't think that's true..the max for 2006 was 28%. Here's the link..it should answer all your questions. http://www.irs.gov/newsroom/article/0,,i...
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