Closing costs and holding costs are both included when calculating your net taxable profit (or net loss) from a flip.If you have any other questions, PM me and we can chat!

Same goes with your rental income but it can be off set with expenses, depreciation etc.W-2 is pretty much taxable, not much to deduct besides you personal exemption/deduction and/or if you have something to itemize.Instead of getting upset at the lenders, learn the rules and try to comply with them. 

At $5M Net Worth, I would strive to have a taxable income of $0 and work on building net worth rather than taxable income. 

The beauty of this method is that you get money out of the property WITHOUT it being a taxable event.

And pull that cash out.The refi cash is not taxable. 

I'm hoping your agent is presenting you a blended policy or maximizing your paid up additions to be advantageous to you.Because you feel that you will be in the highest tax bracket the taxable equivalent yields may present well also.  

Also, as a self-employed person, banks will typically only consider your net or AGI and not your true gross income as most savvy self-employed people tend to take a lot of deductions and operate at little to no taxable income.

This is something your accountant can answer for you given your current 2022 income and your projected rental incomes for 2022 and atleast 2023.If your total income is $60,000 and you are married, you have standard deduction wiping out $25,000 of it only leaving $35,000 taxable which is likely taxed at around 10% - 12%.I might not even waste some deductions to wipe out income taxed at a low tax rate.Best of luck in your decision.

They can guide you through the process and ensure compliance with tax laws while maximizing your depreciation deductions.Remember, while deductions and depreciation are excellent tools for reducing taxable income, it's crucial to navigate these areas carefully and in compliance with IRS regulations.

Someone just told me today that insurance proceed is not taxable, is this true?