to pay tax on the proceeds? lets say you enter an assignable contract on a home at 100 k, assign it to someone at 200 k, and the difference is cut back to you at closing, do you have to pay tax on that $100,000 profit? if so, what kind of tax is it called and how much as a dollar amount and what is the typical percentage? use the example above to explain if possible.
thanks a lot

That's fully taxable as a short term capital gain. Those are taxed at your margainal rate so the ultimate rate will depend upon your other income but 25% would be highly likely.