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Updated about 5 years ago on . Most recent reply

Derek Foreman's profile image
Derek Foreman's profile image
Derek Foreman
  • from Lafayette, Louisiana
  • Member since Jul 28, 2015
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Derek Foreman's profile image
Derek Foreman's profile image
Derek Foreman
  • from Lafayette, Louisiana
  • Member since Jul 28, 2015
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Derek Foreman
  • Lafayette, LA
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Buying & Selling Real Estate

Income, Credit Lines, and Taxes

Derek Foreman
  • Lafayette, LA
Posted

My partner and I are wanting to use our credit lines for personal expenses while working on our flips.  This would do 2 things: 1. Ensure that we have some income while working on said projects. 2. Lower our total tax burden by reducing our end-transaction profit on each flip (assuming taxes are not paid on credit line "income").  

Just not sure if this is legal......or if there's a better way.  Thoughts?

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