Bob said:Smiling Joe, I think snowdome collection refers to those water-filled souvenirs available at Wal-Mart and other fine retailers. It could also refer to old guys w/dandruff driving around in their Sebring convertibles.
Bob said:Smiling Joe, I think snowdome collection refers to those water-filled souvenirs available at Wal-Mart and other fine retailers. It could also refer to old guys w/dandruff driving around in their Sebring convertibles.
Dreaming watercolor said:Interesting question raised this morning. I just spent a half hour on the phone with my CPA. He advised me that if you assign the contract after 1 year it is treated as a capital gain not ordinary income. He stated he has had a lot of clients who have flipped properties in Galveston Tx. Just my 2 cents
Dreaming watercolor said:Interesting question raised this morning. I just spent a half hour on the phone with my CPA. He advised me that if you assign the contract after 1 year it is treated as a capital gain not ordinary income. He stated he has had a lot of clients who have flipped properties in Galveston Tx. Just my 2 cents
landlord said:although i am an attorney (ceo of a private reit ) and have commercial office buildings in 7 states, i am not a cpa. nevertheless, i would be surprised if capital gains treatment would apply in an instance where the purchaser never closed, but merely assigned a purchase agreement. but, again, i am not a cpa.
CONCUR!!! :clap_1:kurt said:I have gotten conflicting information. I think many people do not want a definite answer.
Advance The Man said:You must own it for 12 months and a day. Having a contract is not sufficient, the developer still owns the ongoing incomplete condo.
To get around this, legally by the way. You establish a LLC, have the LLC own the condo, get buyer prior to closing and 'sell' your LLC. As long as your LLC has been established for longer than 12 months and 1 day you only pay 15% cap gains.
We start LLC's frequently for this purpose down the road of selling the LLC.