Franchise Tax Board got me!
Looking for some advice on how to avoid the our lovely state of California dipping into my pockets when i sell my Flips. I recently sold my first two flips and got hit with the 31/3% FTB tax on the total sales price. I was later told my Escrow officer that i could elect to get taxed on ONLY the gain. Thanks alot right. Anyways, was wondering if there is a way to avoid or limit this liability. Deed over to a Corp? Or a trust?
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Join the thousands of other successful business men/women who are fleeing the state in droves, maybe?