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Updated about 2 years ago on . Most recent reply

Jose Mora's profile image
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Jose Mora
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Jose Mora's profile image
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Jose Mora
  • Member since Nov 10, 2022
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Jose Mora
13
Votes |
14
Posts
Rehabbing & House Flipping

How to make passive income from fix and flips

Jose Mora
Posted

Hello, 

I’m new to the real estate investment world and I’m looking to do fix and flips and have been doing a lot of research and studying. I have a question and this might sound dumb but when do you take profits for your personal gains? Say you sell a house for $200k and $50k is net profit. If I take $10k for my personal gain will I be taxed on that? 

San Antonio, Texas
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John Williams
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  • from Clarksville, TN
  • Member since Apr 23, 2018
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John Williams's profile image
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John Williams
  • Property Manager
  • from Clarksville, TN
  • Member since Apr 23, 2018
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John Williams
  • Property Manager
  • Clarksville, TN
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434
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John Williams
  • Property Manager
  • Clarksville, TN
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I highly recommend the book "Profit First." It is one of those foundational books for entrepreneurs - on par with The E-Myth!

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