Posted by Laure on October 21, 2000 at 09:42:26:
Don’t know about “homegain.com”. But you will be subject to 28% taxes on flips. Be careful, because if you do a few of them, you could be subject to SS tax also, which is an additional 15% tax. If you are really going to work the business, you’ll be smart to investigate C corporation for your flips.
Laure 
Homegain.com? and taxes on flipping - Posted by Mike
Posted by Mike on October 20, 2000 at 15:57:13:
I would like to know how accurate this homegain.com is? i am just starting in the wholesale business and am trying to get things going on my comps. just wondering if homegain.com is good?
also, i would like to know what taxes i will be paying on my flips. i am trying to do a simultaneous closing.
thanks,
mike
Re: Homegain.com? and taxes on flipping - Posted by TC
Posted by TC on October 22, 2000 at 09:16:37:
About homegain.com,I don’t know how accurate it would be in your state but here in Texas it’s a non disclosure state so therefore the amount they give are only the loan amount and not the actual sell price.
My advice would be to first find out about your state and then use the price you get from homegain and compare with other sales in the area.Once you have worked a area for a while you will start to get a feel for selling prices.
Re: Homegain.com? and taxes on flipping - Posted by The Baze
Posted by The Baze on October 21, 2000 at 16:11:55:
Mike,
The profits you make on flips is considered ordinary income, and is taxed at whatever your marginal tax rate is. But because you are a dealer, your net earnings are also subject to SE tax (15.3%). Don’t wait to be classified a dealer by the IRS. If you’re buying property with the INTENT of reselling the property, you are a dealer. Hope this helps.
Tom Bazley