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    tammyhatfield's Avatar
    tammyhatfield Posts: 3, Reputation: 1
    New Member
    		  
    #1

    May 18, 2010, 08:08 AM
    Purchased property and sold it within a year, how much taxes do we pay on the sale?
    We purchased a house from a family member,had lots of work done on it, then sold it and made a profit.How much taxes do we pay? Can we claim the work done on it?
    Do we pay on the profits made after all that we spent on the house and yard?
    tammyhatfield's Avatar
    tammyhatfield Posts: 3, Reputation: 1
    New Member
    		  
    #2

    May 18, 2010, 08:10 AM

    This is my question that I posted.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #3

    May 18, 2010, 09:01 AM

    You can subtract all of your expenses from the profits but it is best to contact a tax attorney to insure you follow all fed and local requirements
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