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Updated over 7 years ago on . Most recent reply
House flipping question and seeking knowledge
I bought a home in June 2017, I just sold it and am set to close nov 28th if all goes smooth. It was a home to flip and not my residence. Do I have to pay taxes on my prophet ? Or can I use the money to roll into another property ? I do not want a 1031 or what ever it is called, it sounds like it costs money to do that and the money is held.
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Dave Foster
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Dave Foster
#1 1031 Exchanges Contributor
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@Charles France, A 1031 is only available for property you intended to hold for productive use. So that wouldn't work any way. But you may want to look into it further for the future. On this one get ready for the tax man. Ordinary income, self employment, Fed and State.
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