House flip tax question
Hey everybody,
I’m working on my first deal with is a house flip and I’m wondering if I’d be better off keeping it a year due to tax implications. To the people that have done flips out there...don’t I have to pay self-employment, state, and my regular tax rate (22%)? It adds up to like 43%! Federal tax of 22% + Self-employment of 15% + Idaho state tax of 6.9%. I may just be adding this up wrong. I appreciate any feedback!
Joel