Pay Now or 1031 tax exchange?
Hello Everyone. I have been blessed over this last year in my rehab business now I need some tax advise from others on BP so that we don't bless the tax man so much :) I have been rehabbing homes since last summer and though have only done seven flips, I will have made a net profit of almost $275,000. I plan on building up my business to having 4 or 5 a month so hope that the profits will continue. My questions for those that have been in this business for quite some time now is should I pay the capital gains on my profits as I go or should I look into the 1031 tax exchange? I will be looking for a good accountant but want the advice from the professionals here on BP. Thanks to everyone in advance.