Selling a Property in under a year

So I purchased a house recently I got a massive deal for it my plan is to fix it up and sell it I think I could easily get 8 times what I paid for it my question is if I sell it before I own it a year or at the one year mark what are the tax ramifications going to look like I’ve tried to Google this but the answers are vague st best if it is taxed like income can I simply have a loss somewhere else to counter the real estate gain? Thank you!

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So I purchased a house recently I got a massive deal for it my plan is to fix it up and sell it I think I could easily get 8 times what I paid for it my question is if I sell it before I own it a year or at the one year mark what are the tax ramifications going to look like I’ve tried to Google this but the answers are vague st best if it is taxed like income can I simply have a loss somewhere else to counter the real estate gain? Thank you! submitted by /u/WizzerdofReddit [link] [comments]

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