Just opened an LLC to flip my first house

[Chris Arce]

Hi everyone!

Just closed my first flip!

Me and my partner created an LLC and purchased it in that name.

How will I file my taxes if we make money on this first flip? Is it the regular way I always file my taxes as ordinary income?

We opened a separate bank account and credit card to separate it from our personal expenses.

Also, will I have deductions on my taxes? Sorry taxes always confused me.

Thanks in advance for any guidance!

[Michael Plaks]

Originally posted by @Daniel Hyman:

@Chris Arce

At some point prior to tax season, you might want to look into organizing your bookkeeping

No rush, Chris. That point usually comes about 5 years later. ;)