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Updated almost 10 years ago on . Most recent reply

Kevin Simmons's profile image
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Kevin Simmons
  • from Oxon Hill, Maryland
  • Member since Jun 16, 2015
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Kevin Simmons
  • from Oxon Hill, Maryland
  • Member since Jun 16, 2015
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  • Oxon Hill, MD
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Rehabbing & House Flipping

New fix & flipper

Kevin Simmons
  • Oxon Hill, MD
Posted
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?
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J Scott
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ModeratorReplied

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

  • J Scott
  • Podcast Guest on Show #2024
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