Help on tax information

[Kayla Peterson]

Hello everyone. My partner and I are fairly new to this and are trying to get properly educated before we begin our first flip. The biggest area to me that still raises confusion is the taxes on flipping. Do you pay the taxes immediately after the sale or do you claim the taxes at the end of the year? Also, you only pay taxes on the profit from the flip, not the total amount, correct? Any information, tips, education, etc. would be greatly appreciated. Thank you in advance.