1st flip ... good profit...but I'm afraid of taxes!

[Sagnik Lahiri]

Hi everyone!

Bought a property under my name for a buy and hold. Got great interest and now I'm fielding offers.

Bought it for $110K, spent $70k in fixing it. Have 2 offers for $260K.

Now that the flip is a viable option, I'm afraid of my tax liability. I owe nothing on the property.

I'm trying to figure out my tax liability and how much I can reduce it by transferring ownership into a LLC or C Corp and selling it that way??

Thanks in advance.
SL