Looking for suggestions to minimize taxes on flips (no 1031)?

[Scott Henrikson]

I’m a real estate agent that flips houses as well. I was looking for ideas to minimize my tax impact without using a 1031. Thoughts?

[Michael Plaks]

Originally posted by @Scott Henrikson:

I’m a real estate agent that flips houses as well. I was looking for ideas to minimize my tax impact without using a 1031. Thoughts?

You could not do a 1031 on a flip anyway. 1031s are for rentals.

Let me preempt the flood of canned advice that will assure you that you can save a fortune by

a. Creating an S-corporation

b. Channeling some profits into a retirement plan

Both are possibilities, but they cannot be responsibly recommended without analyzing your entire financial situation. It does depend.