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In this episode, you will discover my unique way to how to report house flipping on tax return.
Most people trying to build a a house flipping business are often involved in the wrong questions.
Actually, this topic is one of them.
Regardless, I've taken the time to answer the question without replacing your professional CPA.
First of all, here is a quick disclaimer.
Consult your professional CPA for professional advice as the information in this email are simply my opinion from an active real estate marketers stand point.
The first thing is to make sure you are FOCUSed on activities that create sales and revenue back to back.
It's the one single thing that you keep you out of trouble with Uncle Sam and his disciples.
Any money I make in business after learning a few lessons is not to be used until I set 50% of it on the side.
It doesn't necessarily mean its going to taxes; it's just my second way of staying out of trouble with Uncle Sam.
Yes there are things like 1031 exchange for deferred taxes.
However, it's not applicable when flipping the same house within the same year.
Last but not least, make sure you consult with a local professional CPA (Certified Professional Account)
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ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and father to their 2 Boys. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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