Posted by JX on March 19, 2002 at 20:13:17:
Hi Bill,
Are you saying that you, yourself, are under a lease/option agreement now? I need more details.
-Jason
flipping - Posted by Elliott Curran
Posted by Elliott Curran on March 15, 2002 at 10:06:23:
Another one,
Flipping may be a good way to increase cash, but what are some tax benefits of flipping?
Elliott
Re: flipping - Posted by JX
Posted by JX on March 16, 2002 at 24:18:20:
As far as I’m concerned, I do believe there are no tax benefits. Since you are merely receiving cash proceeds and not a house for keeps, then it would be similar to earned income. Although the government doesn’t take it out right away, at least have a bookkeeper keep track of your finances so when tax time does come around, you don’t forget. But there are ways to move your proceeds into a tax-free shelter such as a Roth IRA. One that comes to mind is Mid-Ohio Securities. I’m not an expert on IRAs so consult with a tax accountant with experience handling that.
-Jason
Re: flipping - Posted by Bill
Posted by Bill on March 19, 2002 at 19:24:20:
How do you flip a property if you lease option (seller owns the home) and you want to fix it up and sell it within 1-2 months?