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My son bought a foreclosed house Sept. 2013 to fix up and sell.
He is in the 15% tax bracket.
He is hoping to have a gain on the house, so would he be better to hold it for one year and one day?
Is the gain he would make on the house added to his 15% bracket if it's short term cap gain and he doesn't hold it for a year?
Can he deduct, gas, food, etc. to offset the gain?
My concern is holding it til Sept. 2014 and missing out on the best "selling" market.
Thank you,
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