Flipping Income Gain

[Yolanda Williams]

What amount is considered income on house flipping for tax purposes?I purchased a home for cash-no mortgage for 25k put 25k in repairs in and sold for 79k, net 71k. How can I defer or decrease the taxation on income. Property was bought and sold in my personal name, held for over 1yr-non primary residence.

[James Canoy]

Also look into 1031 exchanges with an accountant. You can roll profits into the next same type investment tax free.