Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply presented by

User Stats

95
Posts
65
Votes
Skyler Mckinney
  • Flipper/Rehabber
  • Virginia Beach, VA
65
Votes |
95
Posts

Where can I learn about taxes? (flipping not rental)

Skyler Mckinney
  • Flipper/Rehabber
  • Virginia Beach, VA
Posted

I got my first flip on the market and have no idea about taxes at all. We are approaching the end of the year and I have always had a w-2 job or was in the Navy so taxes were very simple and I could do them for free on turbo tax. Now I have been self employed for the last 4 months and have flipped this house, which if sells will complicate them even more. ( I am aware of capital gains and how high they are) I am looking for some good resources that I can learn about them. Books, Podcasts, YouTube videos, articles, forum posts. I understand there are a lot of posts about this topic and I have been reading them but the more I know and the more prepared I can be for the future the better! I am going to get them done by a professional but I would still like to know where my money is going and why I'm paying what and so on and so fourth. Thank you so much! 

Most Popular Reply

User Stats

1,325
Posts
734
Votes
Teri Feeney Styers
  • Real Estate Agent
  • Grand Junction, CO
734
Votes |
1,325
Posts
Teri Feeney Styers
  • Real Estate Agent
  • Grand Junction, CO
Replied

@Skyler Mckinney here is your first tax lesson: you don't have capital gains on flip properties. It is ordinary income taxed at your rate. Be prepared to cough up about 25% of your profit (or more) and to file quarterly. You have about 40 days left in the year. I'd be talking to your tax professional NOW to see what you might expect and if there are ways to offset some of that income. @Ashish Acharya  If your house doesn't sell in 2019 then you don't pay the taxes this year - but you also don't write off many of the costs either. 

  • Teri Feeney Styers
  • Loading replies...