I work as an independent contractor construction supervisor and receive a 1099 for my $125,000 income. In August 2005, I purchased a house and fixed it up; I sold it in April 2006 for a tidy profit equal to 16% of my income. I then took the proceeds from this sale, bought another house, fixed it up and sold it for another tidy profit. (Now the total profits on both sales equal 29% of my total income—pretty good work, wouldn’t ... Log in to view full article.