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Updated about 4 years ago,
Do you pay taxes on net profit from a flip or the total price
When doing a flip 100% all cash.
Do you pay taxes on the price you sell the house for. Or just in the money that you made profit on?
Let say you bought a house for 30k
Spent 20k on rehab
And sold for 70k
Do you get taxed on 70k
Or the 20k profit you made?