Thanks for the replies. Here it is, all layed out so that you can help us:
bought a house for $106K
Rehab $50K
Current value $175K
It is titled in a land trust, if that matters. Will have held it for just over a year (yes, I know, we are slow rehabbers!), if that matters. Thanks in advance for further analysis. There are no state capital gains or income taxes on this upcoming sale transaction, either way. There are closing cost taxes, recording fees, etc totaling about 2.5% to the seller for this upcoming sale.
Landslave