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Updated over 6 years ago on . Most recent reply

Preston Quinn's profile image
Preston Quinn's profile image
Preston Quinn
  • Rental Property Investor
  • from Lynchburg, VA
  • Member since Jul 17, 2018
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116
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Preston Quinn's profile image
Preston Quinn's profile image
Preston Quinn
  • Rental Property Investor
  • from Lynchburg, VA
  • Member since Jul 17, 2018
Connect
Preston Quinn
  • Rental Property Investor
  • Lynchburg, VA
73
Votes |
116
Posts
Tax, SDIRAs & Cost Segregation

First flip close dec 31 or Jan 1

Preston Quinn
  • Rental Property Investor
  • Lynchburg, VA
Posted

Ok guys, I bought my first flip back in late September. About a week from being finished. A guy knocked on the door and made an offer a few days later. I accepted, and we are now under contract. 

My question is this, if I push closing til jan 1st so I don’t have to claim the income this year, what happens to all the expenses from this house on this years taxes? Does it just roll over? Or will I lose a portion of it? 

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