How much do you pay in taxes on flip profits?

[Brian Egr]

Here's my scenario, I just started flipping this year, I'm flipping under an LLC, I'm on my second flip - first one went well second one is going OK. I will own the second property for about 4 months (hopefully, its not sold yet - flip is in progress) the first property was owned for 7 months. I'm giving this information because every time I ask this I get different answers based on length of owner ship etc... So its a basic question, how much will I be taxed from the IRS on the profits from these two flips next year on my taxes (% wise). Isn't flipping under an LLC like running a normal business where the tax amount is total year sales - total year expenses = profit, then taxes are profit x tax rate? I've had people tell me the profit for each flip is taxed at the capital gains rate, but wouldn't that apply if you are flipping under your person and not a business?