Tax perspective: when to close on flip

[Sorin T]

Hello folks.
I'm about to sign a sale contract for my 1st flip.

I will post details after it closes but for now a question: I have the option to close at the end of December this year or begin of January. From a tax perspective what would you recommend?
To note that I'm holding the property since August.

Thanks for your advices

[Steve L.]

When you sell is the tax year you should pay taxes in. Selling in January won't make taxes due until April 2013.

It won't change the amount of taxes.

Personally, I always want the closing to happen as soon as possible and don't mind paying some taxes as long as I make good money. Buyers back-out, die, change their mind, get sick, the less time they have to do that, the better it is for you.