What are the tax implications...... - Posted by WaynePa

Posted by WaynePa on July 13, 2001 at 09:47:29:

Hey guys and gals,
What’s shaking? Well me again and I know someone has the answer to this one. My main intention is to acquire properties “subject to” and L/O to exit, but right now I need money. I know you all have been there. Well my question is this: What are the tax implications on a flip/ assignment? I know of a few situations where I can make some quick cash now! Actually I don’t even plan on holding the title, I can just contract these homes and assign the contracts. 1-2-3! However what are my responsibilities to Mr. Taxman? I really don’t want him on my back just because I didn’t perform my “due diligence”. Any suggestions? Thanx in advance.