Do i have to pay flip tax when i flip a condo in Florida ?
What tax are you talking about? As far as I know there is no "flip tax" for FL, though some other states do have a "flip tax". If you mean pay taxes on the income from the flip, then yes it would be taxed federally as ordinary income.
Thanks Matt. Some HOA in new york charge you flip tax.
@Yechiel Abekassis in NYC the flip tax is a decision made by each individual building. If it uses the same name, I would have to think it would vary by building.
@Brandon Cohen thanks. So The only way to know is by talking to the building .
@Yechiel Abekassis correct, the management company, or a real estate agent should have the answer for you
In case there is any misunderstanding, a flip tax is not actually a tax. It is just a rule that coops sometimes impose. The specifics vary from building to building (seller pays / buyers pays, flat fee / percentage of sales price fee, etc). Basically whatever each individual coop wants.
I am not aware of and condos that have imposed a flip tax. Condos do not have as much flexibility to impose rules as coops do, but I think it is theoretically possible in some cases.
Thank you for the info. Very helpful
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