However, you can reduce tax liability by:Converting the flip into a rental for at least a year, allowing for depreciation and potential 1031 exchange benefits when selling.Offsetting gains with deductions, such as accelerating business expenses or using cost segregation for rentals.Using an S-Corp for future flips to lower self-employment taxes while keeping rentals in an LLC for liability protection.Deferring deductions to 2025 if your 2024 taxable income is high.While a 1031 exchange isn’t an option for flips, strategic tax planning can help minimize taxes.This post does not create a CPA-Client relationship.

I'm happy to share some tips about purchasing an STR in a different state.I joined Stayly Academy, which helped me secure a lease property under my business name and utilize it for short-term rentals.

Doing business with family can put a lot of stress on the relationship.

Do you have any standards that you follow to help you in business?

@Matthew McleanBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

Quickly I learned I knew nothing about the business of trucking and truly didn't enjoy it, as all those gains got depleted.

." - Exactly it's a business and there's little grey area when PM is done correctly. 

house hacking is great start, that's how i started in the business. would love to connect

Quote from @Wesley Peixoto: Quote from @Henry Clark: What type of businesses did you do before.  

I am seeking advice of what to do with the money from someone who exit the business and successfully got similar income and appreciation of capital.