Taxes Of Flipping A Single Family Home

[Justin Morris]

Looking for a CPA or accountants advice about the tax implications of fixing and flipping a single family home. When I resell the home do I just pay standard income tax or do I pay capital gains tax as well? Can I deducted the purchase price of the home, plus all the rehab costs from the money I would be taxed on? I am trying to understand in detail what percentage of the profit I expect to loose in taxes from flipping a property.