Can I keep all the money? - Posted by Bradley Jr.

Posted by Max-Va on September 16, 2006 at 21:41:47:

It is taxable income and taxed at your tax rate.
See a CPA for more details

Can I keep all the money? - Posted by Bradley Jr.

Posted by Bradley Jr. on September 16, 2006 at 08:59:02:

HI everyone. I’m new to this whole real estate flipping game and there are a few things that I still don’t quite understand. After flipping a house, do I get to keep all the profit that I make on the house? Are there special taxes that I have to claim? Thanks for your help. Brad Jr.

1031 available - Posted by John Merchant

Posted by John Merchant on September 19, 2006 at 19:49:40:

If you’re making a substantial (taxable) profit, you could use 1031 procedure to defer your gain into another property.

This has to be done and covered in your sales docs, can’t be after-thought, so it’s worth figuring and planning it before you sell.

Any experienced 1031 “facilitator” company could give you details and explain procedures.