Posted by JOHN K HASLACH, CPA, MST on May 05, 2004 at 09:01:16:
If your flipping is considered by the IRS to be a trade or business, you may be subject to self-employment tax on any gains if you do the flipping in your name.
Entity or Personal For Flipping? Tax Advantages? - Posted by joedc
Posted by joedc on April 24, 2004 at 01:21:09:
Quick question. I am currently in the 28% tax bracket from my normal occupation. I have one multifamily property held in an LLC as a rental. I will be closing on my first HUD property in 30 days that I intend to flip within a few months. I have signed all of the HUD documents in my own name and applied for private financing in my own name and everything has been approved. Will there be any tax advantage on captial gain profits by taking title in a corporate name etc…, as opposed to my own name for the property? Will I be able to do this since I have already been approved for financing and signed the HUD documents in my own name. I live in Indiana if that matters. Please advise ASAP. Thanks for your time.
Sincerely,
joedc