All Forum Posts by: Sergey Kalina

Hi,

This may be a silly question, but I was told by a couple people that not all the money you invest in a house flip can be deducted.

ie. I'm finishing up a house flip and have done a full gut on the project. Would I be able to write off everything I spent on the flip and subtract that from the profit so I pay less in capital gains? 

Thanks!

So, I bought a house in the spring of 2019, did a full rehab inside the house but not the outside yet. My question is from a tax standpoint. Do I write off the money I put into the house in my 2019 taxes or do I wait until I finish the house to do write offs or wait until I sell and do all the write off then? I was also told by random friends and family that I should write off my electricity bills and water bills but I feel like I'm getting bad advice there? thanks!

Hi. My name is Sergey, been listening to the podcast for about two months, and have been reading books about RE. Currently I work in the lumber industry, and am involved in a little bit of online marketing/sales. 

I am looking to buy my first duplex or greater within the first few months. Learn a little bit about RE and then move to commercial buildings. Looking to invest in the kendal area, downtown, north and south hill. I was told by an RE friend that the city wants to expand the Downtown area and is willing to give investors and builders tax breaks who do so based on a few things. My goal is to leave both my jobs and do this full time within two years.

Currently, I have no experience with RE just what I have herd on the podcast and books. eager to learn, and make moves. I am looking at a quad later this week, but I am unsure what to look for. Would love to grab coffee with someone from the Spokane area and talk a bit about investing and flipping.