Avoiding the tax penalty

[Jason Mead]

Hello everyone! I was sitting here wondering what’s the best way to do this. I’ve just completed my flip house and am walking away with a decent profit approximately $50,000. My question is what’s the best way to take that profit and minimize the tax burden. My goal is to reduce some of my debt with the proceeds otherwise I would do a 1031 exchange. Any advice out there? Thank you in advance

[Kyle J.]

A typical flip (held primarily for resale) wouldn’t qualify for a 1031 exchange. But congrats on your profit! Sounds like it was a successful flip.