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Updated about 7 years ago on . Most recent reply

Andrew Leighton's profile image
Andrew Leighton's profile image
Andrew Leighton
  • from El Paso, Texas
  • Member since Oct 24, 2017
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Andrew Leighton's profile image
Andrew Leighton's profile image
Andrew Leighton
  • from El Paso, Texas
  • Member since Oct 24, 2017
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Andrew Leighton
  • El Paso, TX
3
Votes |
17
Posts
Tax, SDIRAs & Cost Segregation

Does anyone know if a flip is tax deductible

Andrew Leighton
  • El Paso, TX
Posted
I bought a house I’m currently flipping last year. Can I use the purchase price as a tax deduction? I would appreciate all info as this tax season I’m being hit with a $6k tax bill.
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Jay Thomas's profile image
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Jay Thomas
  • from Chicago, Illinois
  • Member since Mar 17, 2017
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Jay Thomas's profile image
Jay Thomas's profile image
Jay Thomas
  • from Chicago, Illinois
  • Member since Mar 17, 2017
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Jay Thomas
  • Chicago, IL
61
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136
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Jay Thomas
  • Chicago, IL
Replied
You should only be paying taxes on your net profit (Sold Price - Acquisition Cost - Rehab Cost - Holding Cost - Any other Cost Incurred)
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