Tax question for flips - non 1031
Hey all,
I figured out I can't 1031 the flip I did this year... but... I bought/sold it with my LLC and I'm looking to close on another residential property before year end under the same company with the funds. Does anybody know if I still get taxed on the profit from house 1 - considering I reinvested into another house purchase in my LLC? Is that the same as a 1031 (which I now know I don't qualify for)?
If not, does anybody know any tax strategies to defer or reinvest gains for flips?