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URL:  http://boards.fool.com/if-i-was-to-make-renovations-and-then-decide-to-23687179.aspx

Subject:  Re: real estate capital gains Date:  2/10/2006  1:04 PM
Author:  DeltaOne81 Number:  83795 of 121061

If I was to make renovations and then decide to sell (anticipating a profit), what is the current short-term capital gains rate vs. short-term rates?

Short term capital gains rates are equal to your marginal tax rate. I.e. its taxed as regular income, and can indeed push you into a higher tax bracket. Its income like any other.


Are there local capital gains rates in Maine or Massachusetts?

Mass has a 12% tax on short term capital gains (and some collectibles), but I don't know if it applies to real estate or just securities.


Where could I look to find this info myself?

IRS publication 550: Capital Gains and losses:
http://www.irs.gov/publications/p550/

Mass Department of Revenue:
http://www.massdor.com/

Maine Revenue Services:
http://www.maine.gov/revenue/
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