House Flipping Taxes
There seems to be quite a bit of confusion about the kind of taxes that you pay when flipping houses, so I wrote a new lesson on House Flipping Taxes that answers common questions such as:
- What type of taxes do you pay (ordinary income vs capital gains)?
- How much tax do you pay?
- When do you pay taxes?
- Is there any way to save money on taxes?
I also breakdown a tax example on how to calculate your Income Taxes that you can expect to pay.
Obviously, you should consult with an Accountant or Tax Professional to discuss tax strategies and plan for tax season.