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Author: DeltaOne81 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121185  
Subject: Re: real estate capital gains Date: 2/10/2006 1:04 PM
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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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