Tax Penalty for Flipping in Ohio

[Craig Cost]

Does anyone know if there may some sort of tax penalty for buying and selling the same house, in the same year, in Ohio?

[Matt Turbitt]

you may want to provide a few more specifics but assuming you mean you bought a house improved it, and sold it all in the same 12 months and not through a company.... then yes the gain is taxed as 'Active' income and is treated similar to w2 income for tax purposes. this rate will be higher then say, rental income which is passive.