Maybe with a little more time, hopefully next time, but G.R. will be a little richer this year!

Because flips are considered inventory (not capital assets), profits will be taxed as ordinary income rather than qualifying for long-term capital gains treatment.For tax filing:Report expenses like construction costs, permits, and interest as part of your cost of goods sold (COGS)—these won’t be deductible until the property is sold.Since no revenue is expected in 2024, your S-corp may show a loss, but that loss won’t reduce personal taxable income until the sale occurs.Each partner will receive a Schedule K-1 every year, including 2024 and beyond, as long as the S-corp remains active.Unlike an LLC, S-corp shareholders do not pay self-employment tax on their share of profits.

Hi everyone! My name is Britt Arlen, I am a chef/business owner in the suburbs of Chicago (New Lenox). Started getting into real estate podcasts and the idea of becoming a real estate investor for the future but am no...

Hi All, I am new to investing but I have been a contractor in Connecticut for 26 years now.   I am determined to close on my first deal this year.  I am leaning for a fix and flip since I am very comfortable with the ...

Your "business/legal adviser" apparently is not a tax adviser.

those of us with full time W2s generally cannot claim REPS unfortunately.How to Become a Real Estate Professional Status (REPS) | White Coat Investoreveryone's tax situation is different and no one but your CPA should give you tax advice.hope this helps.

We are hoping they will change their minds, or at least clarify a path of safety.

Hope that helps!

I prepare my taxes myself and cannot find a way to reduce my tax burden through real estate. 

This description is pretty standard for any tax firm.