Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
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You will most likely have some short term capital gains to report, depending what else beside the purchase price have you invested into the project. You will report 120K as sales proceeds and 100K plus other investment as your basis. The difference will be your short term capital gains that will be taxed as ordinary income.
How much tax you will pay will depend on your other income, filing status and your tax bracket.
If you provide me with more information I can estimate your tax liability. What I need to know is what other income do you have, your filing status, if you claim any dependents and how much did you invested into the project beside the 100K.
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