Tax implications on Flipping houses in Seattle

[Steve Lee]

We are rehabbing a house in Seattle and trying to figure out what is the best way to flip the house and pay as little tax as possible on the net profit portion (I assume). The house is under a single person LLC (which is me). Does anyone have any suggestions on how and when to sell the house? What kind of tax are we facing and what percentage are we looking at? How does all the people flipping houses do it? Thanks you in advance for the help.

[Bryan R.]

Unless you chose some other tax treatment for the LLC it will just pass through. Any gain will be taxed as ordinary income at your marginal tax rate. Don't forget about SE taxes.