Reducing Capital Gain Taxes When Flipping Houses - Posted by Vince
Posted by Vince on December 07, 2000 at 24:21:00:
HI, I’m a novice at r.e. investing and purchased Carlton Sheets course 18 months ago and started buying properties with little money down and holding them for long term growth, so i’ve never sold a property before. However, about 5 months ago I purchased Ron LaGrand’s courses and learned about how to buy houses without liability and also FLIPPING HOUSES WHOLESALE FAST. The good news is I caught on to the concept quick and have flipped 4 houses in 4 months making around $20,000.00. The bad news came when my brother told me that I’m going to be taxed like crazy on this money come tax time due to capital gain taxes.
I am a beginner at this and though i’ve had some success I doubt I know more then 1% of what I should know.
To cut to the chase, I would appreciate if some of you more experienced investors, especially those who flip a lot of houses could give me some tips on how to make the tax hit a little easier if there are any ways at all.
I herd some things about self-directed IRA’s but not in detail or where to find more information about this. If anyone has any knowledge about this it would be greatly appreciated and I thank you in advance for your advise.