Hello guys. Can someone experienced provide me brief idea about what to do and how much to pay what ever. I don't wanna ask to my accountant before getting some info because he will cost me.
Last year I got around $200K from a friend to my corporation. I got $260 from a lender and I bought a house from foreclosure auction for the total of $460K. My corp owns the house now. I spent a lot for repairs and the payments to the lender. Total spending is around, let's say, $200K.
Now I'm selling the house for $860K. So the income for this year will be that amount. All the spending was made in last year so I think I can't deduct them from this years tax.
Am I going to pay full income tax over $860K this year? I don't know anything about this kind of house selling income tax.
Do I pay taxes for this to NY and IRS? What about NYC?
I'll pay the lend ($260K) back this year. Maybe I can deduct it. Can I?