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Flipping & Tax Strategies
I know that with flipping properties, the profit generated is taxed as ordinary income. And it can significantly increase one's marginal tax rate.
Other than the basics of running a business (operating as a pass-through entity, tracking and deducting all expenses related to the project, etc), what tips can I use to reduce my tax burden?
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Use profits from flipping to buy 1 rental property per year and do a cost segregation study on it.