What is your tax rate when flipping houses

[Laith Ali]

Hi Everyone, I'm about to obtain a house and flip it. I was wondering what you're tax rate is when you flip houses. From what I read, I could be paying 40-50% in taxes. Do you guys have any strategies you use to save on taxes. Also is the IRS going to look at your taxes with more closely since there is a lot of money coming and going. 

[Russell Brazil]

Originally posted by @Laith Ali:

I was hoping there was something i was missing because I always hear owning a business is great because you pay so little in taxes, but at the same time I also hear business pay so much taxes. I'll believe the second statement from  now. It's really a shame that we have to pay so much taxes, its going to be really hard to grow your business if they keep taking half your income. 

I pay a lot in taxes....and you know what, I feel blessed to live in a time and a place where I can make a ton of money doing something I love.