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Tax Consequences When Selling Personal Residence
I regularly flip houses, and consider it my business for tax purposes. Thus, I pay income tax, as well as self employment tax on my gains. I am planning to sell my personal residence, most likely with a profit, and would appreciate input on the tax consequences. I will not qualify for the exemption because I did not own and use the property for 2 years. However, I will have owned the home over a year. My understanding is that I will owe long term gain tax. However, I want to be sure this is right. If my business is basically flipping homes, I want to make sure I shouldn't include this in my regular income as well (and pay income plus self employment based on the gain). I am living in the home. Let me know if you need more information to answer this question. Thanks so much!