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Updated over 9 years ago on . Most recent reply

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7
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2
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Amber Webb
  • Greensboro, NC
2
Votes |
7
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When to register a business name.

Amber Webb
  • Greensboro, NC
Posted

Hello all. My husband and I are looking to rehab and flip 2 houses a year in 2016 and 2017. We will be living in them during this period in order to build up capital faster. My question is; How does living in the flip effect the tax end of this? Is there any reason that we should not go ahead a register a business name so that we can write off all of our business expenses? I am having a hard time finding this information online anywhere, so any insight on this would be greatly appreciated. 

Thanks, Amber

Most Popular Reply

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2,934
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Linda Weygant
  • Investor and CPA
  • Arvada, CO
3,696
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2,934
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Linda Weygant
  • Investor and CPA
  • Arvada, CO
Replied

There are a few ways you can make this work and a couple of ways to set it up that will have it go horribly.  I second @Account Closed's advice to consult a CPA about your specific situation and plans as this is an issue that is fraught with way too many issues to take generalized advice on.

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