First flip... tax best practices....?

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So... first flip is in construction phase... I hope to have some good profit at the end..

For all of you tax geniuses.. 

I am looking for the idiots guide to taxes on your first flip. I am not to the point of LLC and all that... first flip... shooting to do 2 over 2017-2018 at least... but 2018's taxes will likely have no more than 2 on it. I want to be legit, but not overly generous... I closed 9/26/17 and have a bunch of $ in 2017.... spent... I assume I write that off in 2017...? Or do I write that off in the year I sell it?

Love to hear book or blog recomendations.

For a house flip, any expenses would generally be added to the "basis" of the asset. As such, when you sell, your gain is smaller.

Example: Bought a house for 100k.

Spent 50k on rehab

Sold for 200k.

Taxable gain is 50K (200K less 150k adjusted tax basis)

Keep in mind, your house flip might be subject self employment tax. It is best to discuss with a CPA, as to whether self employment tax would be applicable to you. Generally it is, but there are exceptions.

I think your profits will be subject to Self-employment tax since you are doing the activity in your personal name(without an S-corp).

Self-employment tax is a federal concept. Can you please site the state law that mentions that self-employment tax becomes a think when flipping moves from sideline to job?

Depending on your tax bracket - you should save the following portion of your gain to taxes

Federal income tax(10% - 39.6%)
California Income Taxes(1% - 13.3%)
Self- Employment Taxes(9.1% - 15.3%)(Depending on if you have a W-2 job and already over the social security wage base)