New fix & flipper

[Kevin Simmons]

Hello BP members, I am new to fix and flipping in the dmv area. I want to know about the taxes involved with fix & flipping. Do you get taxed on what you don't put into a second property or are you taxed on the whole deal of you take a piece of the profit for yourself? So for example if I flip a house and profit 100k and decide to keep 40k for myself and put the 60k left over into my next project will I be taxed on the whole 100k or just the 40k I took for my self?

[J Scott]

Kevin - I replied to this same question in your thread yesterday...