All Forum Posts by: Emerson Irias

Thank you all for taking the time to answer my question. Everything you guys are saying sounds familiar and  accurate. 

@Arlan Potter Thank you Arlan, and yes you probably right, but this guy has been in business for years and has lot of clients, but I’m getting that feeling about him and is not good.

@Caleb Heimsoth Thank you Caleb, that makes more sense than what my CPA told me.

Good evening @Nicholas Aiola So I finally sold my first flip, and I’m confused with when and how do I pay taxes on profit? I have done lots of research but no luck. Can you please point me in the right direction. I did contact a CPA but his answer was different than everything I have learned. As I understand it I’m required to pay quarterly or at least at end of year.

Good evening BP, I just flipped my first property and have a question on when do I pay income tax on my profit? And how do I do it? I have contacted a CPA and he told me that I don’t have to pay for two years or if I invested the profit I may not have to. I have listened to BP pod cast and done lots of research and never have I heard that. As I understand it I should pay quarterly an estimated tax. Please help and thank you in advance.