Live and Flip

[Mitra Afsharkhah]

Hello friends,

Does anybody who had experience with Live and Flip consider that as a business for tax purposes? 

I'm in the process of buying my first flip and I want to move in while fixing this property.

Any advice is appreciated.

Thank you 

[Bill B.]

I think you mean “live in flip”. If so, you purposely DON’T want it to be a business you want it to be your primary home for 2 years so that you pay zero taxes. Flippers pay the highest taxes possible as they are paying regular income tax,not even capital gains tax rate, much less zero tax.