Taxes on a all cash house

[Maireny Rosado]

Hello everyone!!!

I bought a house to fix it, I bought it cash, I would like to know when is it that I pay the taxes? is it every month or at the end of the year. I really do not know how does it work.

Thanks for your help, I highly appreciate it.

[Corby Goade]

Quote from @Maireny Rosado:

Hello everyone!!!

I bought a house to fix it, I bought it cash, I would like to know when is it that I pay the taxes? is it every month or at the end of the year. I really do not know how does it work.

Thanks for your help, I highly appreciate it.

 There are so many types of taxes, I'm not sure which you are concerned about!

For property taxes, every state and county is different- just call your county assessor and they will tell you exactly how and when to pay them. If you are flipping properties regularly, all of the property taxes are typically settled up at closing, so it's possilble you won't make a payment on those yourself. 

Income taxes- check with your accountant. If you are a self employed flipper, you'll probably want to make quarterly tax payments based on your income along the way, but there are plenty of strategies based on your comfort level and types and volume of income, so this is a very personal decision. 

Best of luck!