Taxes When Flipping a House

[Zander Dragony]

Hey I had a few quick question about how you get taxed when flipping a house: At what point do you pay property tax and how does it get split between the buyer and seller? Do you have to have to pay capital gains tax if you hold the property for less than a year? Also, do you have to pay income tax on the profits from the flip as well, and if so at what point do you pay those taxes? If someone could clarify this for me that would be great!

[Wayne Brooks]

Property taxes are prorated.....how depends on if they were paid in advance or arrears. Flip profits are ordinary income tax plus plus self employment taxes.