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Updated about 11 years ago on . Most recent reply

Sylvia B.'s profile image
Sylvia B.'s profile image
Sylvia B.
  • Rental Property Investor
  • from Douglas County, MO
  • Member since Jan 28, 2014
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Sylvia B.'s profile image
Sylvia B.'s profile image
Sylvia B.
  • Rental Property Investor
  • from Douglas County, MO
  • Member since Jan 28, 2014
Connect
Sylvia B.
  • Rental Property Investor
  • Douglas County, MO
1,419
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General Real Estate Investing

What happens when buy & hold becomes a flip?

Sylvia B.
  • Rental Property Investor
  • Douglas County, MO
Posted

We purchased a house last week that we intend to rehab and then rent. However, if someone wants to buy it before we get it rented, we are not averse to making a quick chunk of cash. So what are the tax consequences of selling a property less than 1 year after purchase?

The property is owned by an LLC,(not S-corp) and the sole members are Hubby and me.

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