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Updated almost 3 years ago, 01/05/2022

User Stats

3
Posts
3
Votes
Serge Velet
  • Charlotte, NC
3
Votes |
3
Posts

New Flipper - need advice and help on how to best manage taxes

Serge Velet
  • Charlotte, NC
Posted
Hello all.  I am new to flipping and I am nearing the completion of remodeling my first property.  After this property my hope is to do 2 or 3 property remodel and flips within a single year.  I'm an engineer by training so I do very well with running calculations and making projections and working with my budget.  The hardest part for me is figuring out how the taxes will work if I do flip 2 or 3 properties a year.  I can't really get a clear visual whether it will be profitable or not since taxes are such a huge part of the equation.

Can any flippers that have a proven track record and do quite a few properties in 1 year get with me and give me a rundown what keeps you profitable and keeps most $$$ in your pocket per flip, especially regarding how you handle taxes for this.

Otherwise, looking for a great CPA that knows their game in real estate flipping and that can help me run through various scenarios, so that I could dial in my potential flip targets and see where I am getting most bang for my buck as far as remodel costs, closing costs, realtor costs, and taxes.

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