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HOW TO BEST FILE TAXES ON A FLIP?
Hello everybody,
Hope all is well. I bought a condo last year on my personal name, did the work it needed & sold it later. To those who have done this before & have experience. What is the best & business-smart way to file taxes on this transaction? Cheers!
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
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@Rehaan Khan If you haveEnough flipping income....using an LLC taxed as a sub S, you can pay yourself a reasonable salary (subject to SE taxes) with the balance of "profit" not subject to SE taxes.