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Updated almost 6 years ago on . Most recent reply
Looking for suggestions to minimize taxes on flips (no 1031)?
I’m a real estate agent that flips houses as well. I was looking for ideas to minimize my tax impact without using a 1031. Thoughts?
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Michael Plaks
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
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#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
Originally posted by @Scott Henrikson:
I’m a real estate agent that flips houses as well. I was looking for ideas to minimize my tax impact without using a 1031. Thoughts?
You could not do a 1031 on a flip anyway. 1031s are for rentals.
Let me preempt the flood of canned advice that will assure you that you can save a fortune by
a. Creating an S-corporation
b. Channeling some profits into a retirement plan
Both are possibilities, but they cannot be responsibly recommended without analyzing your entire financial situation. It does depend.