Then, in many cases (consult a tax advisor), the gains are wiped out and the cost basis is reset.The Biden administration is proposing to cap this loophole at gains of $500,000 in order to make wealthy investors pay "their fair share".

A little about my background:BS in Business Administration from Old Dominion UniversityMS in Telecommunications Management Oklahoma State UniversityCurrent Senior Captain (Network Engineer) in the United States Army:  Expertise include Project Management, Human Resource Management, Logistics Management, Information Technology Management.  

In addition, after 2 years, the income is tax free up to $500,000 as long as you stay married, and the current administration doesn't change that tax code.

Hello Andre Crabb, you might consider a House to Share on Zillow and keep your funds ready for the end of the Rent Moratoriam and Increase in all the Taxes and Fees that the new Administration is trying to do.

We are not doing any construction ourselves, only administrative work like pulling permits, etc in order to fulfil our sweat equity duties.

I have an uncle who has over 35 years of carpentry experience and an uncle who has over 10 years of residential general contracting experience (currently lives in Florida, though).I have a Bachelor’s degree in Business Administration with a concentration in Project Management and I graduated in the top 10% of my class.I have 7+ years of business management/finance experience working in supply chain roles.I decided last summer that I wanted to learn about flipping houses.

So please call your plan administrator to find out where you reside and what your options would be. 

I say "could" because the assessor is likely to use the sale price as the assessed value, but that's not necessarily the case.The NH Department of Revenue Administration has links to information on both Current Use and Timber on their web site, https://www.revenue.nh.gov/mun-prop/property/You also want to check the Zoning Ordinance in the town carefully to see what's allowed in that particular zone. 

Account ClosedHaving an LLC for each property is overkill and an administrative nightmare.

This saves on custodial fees and it also means you don't need the additional expense or administration of an LLC to have checkbook control.