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Updated over 9 years ago on . Most recent reply

Chris Clanton's profile image
Chris Clanton's profile image
Chris Clanton
  • from Pensacola, Florida
  • Member since Oct 13, 2015
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Chris Clanton's profile image
Chris Clanton's profile image
Chris Clanton
  • from Pensacola, Florida
  • Member since Oct 13, 2015
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Chris Clanton
  • Pensacola, FL
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Buying & Selling Real Estate

Wife is an Agent I am General Contractors income tax implication?

Chris Clanton
  • Pensacola, FL
Posted

Hello all, I am just starting out in the rehab market. After reading through page after page of IRS documents I still feel that I am missing something. If we purchase a house cash and I rehab using my Contractors license are we on the hook for capital gains tax or straight income tax?
Thanks to anyone who can clarify.

Chris Clanton

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Charlie Fitzgerald's profile image
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Charlie Fitzgerald
  • Lender
  • from Las Vegas, NV
  • Member since Aug 12, 2015
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Charlie Fitzgerald's profile image
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Charlie Fitzgerald
  • Lender
  • from Las Vegas, NV
  • Member since Aug 12, 2015
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Charlie Fitzgerald
  • Lender
  • Las Vegas, NV
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Charlie Fitzgerald
  • Lender
  • Las Vegas, NV
Replied

There you go @Chris Clanton and a big thank you to @Brandon Hall for his timely expertise and knowledge share.  :)

  • Charlie Fitzgerald
    • 1 Vote
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