Updated almost 7 years ago on .
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First flip close dec 31 or Jan 1
Ok guys, I bought my first flip back in late September. About a week from being finished. A guy knocked on the door and made an offer a few days later. I accepted, and we are now under contract.
My question is this, if I push closing til jan 1st so I don’t have to claim the income this year, what happens to all the expenses from this house on this years taxes? Does it just roll over? Or will I lose a portion of it?