All Forum Posts by: Meghan Riley
Meghan Riley has started 2 posts and replied 3 times.
Post: Buying home improvement materials in bulk??
- Flipper/Rehabber
- Oklahoma, OK
- Posts 3
- Votes 0
@Nathaniel Walker yes we use Home Depot! Was just trying to see if anyone had better advice on other wholesale places! Thank you:)
Post: Buying home improvement materials in bulk??
- Flipper/Rehabber
- Oklahoma, OK
- Posts 3
- Votes 0
Does anyone have a secret to buying materials?? We buy as we go...sometimes using the same materials for multiple projects! I am looking for a good online retailer, or advice on how to buy home improvement materials in bulk??
Post: Besides 1033, how can I reduce short term capital gains taxes?
- Flipper/Rehabber
- Oklahoma, OK
- Posts 3
- Votes 0
I recently completed my first flip. We purchased the property August 10th and close today (November 24th), creating a holding period of 3 months. We profited around $140 on this flip after closing costs. The selling price of the property was $375 (not sure if this information is useful for my question).
My question, how can I reduce the short term capital gains taxes? I have already filed a 1033 for our next project. What all can be included in the 1033, the purchase price of the property? Or can we add the rehab costs as well?
I am trying to come up with a solution so that I am not paying almost half of our return taxes. From the research that I have done I have found re-investing it may be the only solution! What is the best way to re-invest this money so that we have a higher rate or return?