All Forum Posts by: Ralph McDaniel

I will wait for the 1 year clock since I’m in the 37% tax bracket.  Many thanks for everyone’s advice.  

I will attempt to locate the BP pod cast from last month to re-verify.  I'm sure I heard - if your business is to flip homes, then you do not need to pay capital gains taxes.  

Matt - So if I buy a home today and sell it tomorrow and make a $20K profit, then this is normal income and not capital gains.  Are you sure?

I listened to a BP pod cast last month and someone said if your business is to flip homes, you do not need to pay capital gains tax for less than 12 months. I mentioned this to my CPA and they were not aware of any such codes that would allow this. Any help would be greatly appreciated. Thanks in advance.