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Updated about 10 years ago on . Most recent reply

Francisco Torres's profile image
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Francisco Torres
  • from Chicago, Illinois
  • Member since May 24, 2015
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Francisco Torres
  • from Chicago, Illinois
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Francisco Torres
  • Chicago, IL
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Buying & Selling Real Estate

taxes

Francisco Torres
  • Chicago, IL
Posted

I just sold  my first flipping property I would like to know what's the porcentaje I have to pay to the irs thanks

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Brandon Hall's profile image
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Brandon Hall
  • CPA
  • from Raleigh, NC
  • Member since Nov 26, 2013
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  • from Raleigh, NC
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  • Raleigh, NC
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Brandon Hall
  • CPA
  • Raleigh, NC
Replied

Reed Starkey Francisco Torres

Can't 1031 exchange a flipped property. Also, when flipping, the house will be treated as inventory and income will be considered earned income. So the advantageous 15% long term capital gain rate won't apply.

Additionally, you will need to budget for self employment taxes.

I agree with finding a solid CPA.

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