Tax Question
If I purchase a flip property at the end of this year and then sell it at the beginning of next year, how is that taxed? For example, are the expenses reported as a loss this year and the entire sales price shown as a profit next year?
If I purchase a flip property at the end of this year and then sell it at the beginning of next year, how is that taxed? For example, are the expenses reported as a loss this year and the entire sales price shown as a profit next year?