Rehabbing & House Flipping

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Tax question for flipping a house

Posted Aug 3 2019, 19:34

Hey everybody had a quick question regarding taxes on a flip. I realize that it’s best to talk to a cpa, but I figured I’d still ask on here anyway! If I spend 70k to remodel a flip (materials, labor, etc.), and the profit after selling the house is 50k, then does the 70k that I spent on the flip cancel out the 50k profit, therefore leading to no taxes paid on the profit? Any help is appreciated! Thanks in advance!

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