newbie tax question
For those of you that fix and flip and turn tidy profits from each sale - how do you deal with taxes? Are you using 1031's for each sale? If not, don't you get killed on taxes? I sold one of my buy and hold properties because I (thought I might) need the money and just got nailed by Uncle Sam... Now that I'm writing this, I realize that having an LLC would probably help but I already have a corp for my "day job - film production" and the thought of having two corps is more headache than I can convince my wife or myself to deal with. But maybe we should if we are going to continue to invest... sigh...