Oct

26

When you assign a real estate sales contract at a higher price do you have to pay tax on the proceeds?

Filed Under Skyrockets | 3 Comments

curious girl19 asked:


lets say you enter an assignable contract on a home at 100 k, assign it to someone at 200 k, and the difference is cut back to you at closing, do you have to pay tax on that $100,000 profit? if so, what kind of tax is it called and how much as a dollar amount and what is the typical percentage? use the example above to explain if possible.
thanks a lot

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