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Updated almost 5 years ago on .
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Just opened an LLC to flip my first house
Hi everyone!
Just closed my first flip!
Me and my partner created an LLC and purchased it in that name.
How will I file my taxes if we make money on this first flip? Is it the regular way I always file my taxes as ordinary income?
We opened a separate bank account and credit card to separate it from our personal expenses.
Also, will I have deductions on my taxes? Sorry taxes always confused me.
Thanks in advance for any guidance!
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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
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
Pro Member
#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
Originally posted by @Daniel Hyman:
At some point prior to tax season, you might want to look into organizing your bookkeeping
No rush, Chris. That point usually comes about 5 years later. ;)