Short term flip ways to save on taxes!! Help
Hello, I am new to the bigger pockets forums as this is my first post!
Me and my dad currently flip properties in the philadelphia/south jersey area. The handful of flips we have done in the past have all been long term holds, but the current one we will be putting up for sale in the next couple weeks will be classified under short term capital gains parameters. We do operate under an LLC, but the house was bought under my dads name at auction. Is there any benefits to transferring deed to LLC? What are some ways we could save ourselves on taxes, as we seem to always be paying a lot at the end of the year. Any suggestions or tips would be appreciated. Thanks!
Most Popular Reply
You could save on self employment taxes by electing to have the LLC taxed as an S-corp.
- Joseph Palmiero
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- 814-720-2493
