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Updated over 4 years ago on . Most recent reply
House flip tax question
So I I have a couple rentals. I’m rehabbing a house that I’m not sure if aim going to flip or make a rental. If I flip it is the taxes due on my profit this year even if I roll it over as a down payment on another rental? Hope this makes sense
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Ashish Acharya
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
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#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
Originally posted by @Kevin Allen:
So I I have a couple rentals. I’m rehabbing a house that I’m not sure if aim going to flip or make a rental. If I flip it is the taxes due on my profit this year even if I roll it over as a down payment on another rental? Hope this makes sense
Do you will pay taxes on the profit from the flip no matter how you use it.
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