Tax Considerations for Flipping

[Anas B.]

Hello all, What are the best tax preparation practices for house flipping? I utilize two methods of home repairs: rehab then rent; or rehab then sell (the typical flip). Would my tax planning differ in each of the two cases? My thinking was to have the contractor separate repairs from improvements in his invoice, that way I could easily determine and claim repair costs. What are your ways of tax planning and preparation? Thanks