How to make passive income from fix and flips

[Jose Mora]

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?