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Updated almost 4 years ago,

User Stats

199
Posts
42
Votes
Simon Obas
  • Rental Property Investor
42
Votes |
199
Posts

How can I minimize what I’m paying for taxes on flipping homes?

Simon Obas
  • Rental Property Investor
Posted

Peace. I flipped my first home last month and plan on flipping more homes this year (yay). But I'm hearing the IRS is going to kill me with a tax bill (capital gains). I have an LLC but I'm hearing I should switch to an S Corp. I obviously don't want to owe uncle Sam a large amount of cash. Does anyone have any advice on how to minimize the amount of taxes I can pay as a home flipper?

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