If you assign a contract, never taking ownership vs double closing, is there a difference in the way you will be taxed? If so, what are those differences.

I don't see why it'd be different. Either way, the profit amount is the (taxable) profit amount, right?

If I'm wrong, I'd be be interested to read why (And, which way ends up "cheaper"?) 

I suppose it could be the difference of being either taxed at marginal income tax rate, OR capital gains, which may well vary from one another. Before you commit - get OFFICIAL tax advice!

But the usual advice given on BP is - where it's LEGAL to assign, then THAT'S what you do!

ie. Many times, you may not be given the choice! Cheers...

I appreciate the feedback @Brent Coombs . 

I have done and continue to do both assignments and double close. It depends on the deal, buyer, etc.

My suspicion arose from what you mentioned - with a double close, you take ownership, sell, and have short-term capital gains. With an assignment, I am selling a contract, and never took ownership of the house.

There must be a difference in how they are looked at and taxed.

Both scenarios would be taxed the same, short term capital gain is your effective tax rate.
Mike

Either an assignment or a "flip" would both ordinary income, including self employment taxes.