Tax avoidance strategies on flips

[Preston Quinn]

Hey guys, I have my first flIp under contract. If I keep my budget in check and I am rIght about the ARV. I stand to make a good profit. Is there anything I can do to now, while waiting to close to prepare for legally avoiding as much tax as possible? I am waiting for 3 accountants to call me back, as they were out of office yesterday. Any advice would be greatly appreciated.

[Dave Foster]

@Account Closed purchased that property with the primary intent of resale (flipping it) then it does not qualify for a 1031 tax deferred exchange.  Property that qualifies for 1031 treatment is property you've purchased with the intent of holding for productive investment use.