Looking to make a business out of rehabbing.

Looking to make a business out of rehabbing.

Real Estate Agent · Yucaipa, CA · Member since 2016 · 20 posts · 4 votes

All,

I know the typical way to minimize your exposure to capital gains and employment tax is to hold the property over a year.  Does anyone have any suggestions on how to minimize that exposure when doing short term rehabs? In SoCal. Also anyone have a really good CPA or tax person that is really good in knowing all the rules and exceptions in the real estate business? Thank you, Cris

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  • Real Estate Agent · Yucaipa, CA · Member since 2016 · 20 posts · 4 votes
    10y

    Just wanted to bump this again. Any one know a good CPA in SoCal or Norcal for real estate?  Thanks.

  • Real Estate Agent · Albuquerque, NM · Member since 2015 · 542 posts · 193 votes
    10y

    I'm far from an expert, and hopefully others will chime in, but I believe I've read that flipping properties under an S Corp. well at least reduce the self-employment taxes.

  • Real Estate Agent · Yucaipa, CA · Member since 2016 · 20 posts · 4 votes
    10y

    Thank you so much for your respose. I was just doing some research last night on BP and ran across that as well but the info was generic. If anyone does business this way I would appreciate any pointers or if you can point me to a tax person or CPA that would be great. Thank you Lydia!

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