When and how do I pay taxes on profit from a flip?

[Emerson Irias]

Good evening BP, I just flipped my first property and have a question on when do I pay income tax on my profit? And how do I do it? I have contacted a CPA and he told me that I don’t have to pay for two years or if I invested the profit I may not have to. I have listened to BP pod cast and done lots of research and never have I heard that. As I understand it I should pay quarterly an estimated tax. Please help and thank you in advance.

[Arlan Potter]

A CPA would not have said that. Maybe a fly by night tax preparer.

The profits from a flop are ordinary income. Self employment income subject to FICA(15.3%) unless you have a lot of other ordinary income. And the profit is subject to whatever your federal tax rate bracket is. It is also subject to state taxes in most states.
There are no real exceptions to this. Now if you rented the place for a year or so, you could avoid the FICA on the sale income, but you would still pay tax on the rent less expenses.
Find a knowledgeable CPA.