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Updated almost 5 years ago on . Most recent reply

Rehaan Khan's profile image
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Rehaan Khan
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  • from USA
  • Member since Jan 10, 2019
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Rehaan Khan's profile image
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Rehaan Khan
  • Investor
  • from USA
  • Member since Jan 10, 2019
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Rehaan Khan
  • Investor
  • USA
57
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117
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Tax, SDIRAs & Cost Segregation

HOW TO BEST FILE TAXES ON A FLIP?

Rehaan Khan
  • Investor
  • USA
Posted

Hello everybody,

Hope all is well. I bought a condo last year on my personal name, did the work it needed & sold it later. To those who have done this before & have experience. What is the best & business-smart way to file taxes on this transaction? Cheers! 

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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
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  • from West Palm Beach, Florida
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Wayne Brooks's profile image
Wayne Brooks's profile image
Wayne Brooks
  • #1 Foreclosures Contributor
  • Real Estate Professional
  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,508
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

@Rehaan Khan If you haveEnough flipping income....using an LLC taxed as a sub S, you can pay yourself a reasonable salary (subject to SE taxes) with the balance of "profit" not subject to SE taxes.

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