All Forum Posts by: Sean Sheridan

Thanks for the useful information, it helps a lot. Question for mike, I have a full time job as a carpenter and am a W2 employee. Would this help me at all when it came to the tax on my flip @Michael Plaks

Hello I just got my first flip under contract and did very well on it. I’m trying to find if there is a way to lessen the amount of capital gains I pay. I never made the property my primary and only had the house for 8 months. A 1031 exchange is great idea but is not something I want to do with this property. Any advice would be greatly appreciated. Thanks 

Thank you guys I appreciate the advise! I’m not sure the 1031 exchange will work for me right now so I’m leaving towards the 1 year 10% capital gains hit. Thanks 

Hello, I recently purchased my first property. It was in bad shape and needed some love and I’m a carpenter by trade so I did all of the renovations. It’s coming together great but I’m trying to figure out the best way to sell it without getting hit hard by capital gains. I’ll be done the home just 6 months after I purchased it and I’m not trying to stay there for 2 years. This is my first home so I’m not sure if that will help. I was also told to make it my primary residence which I can do. Any advise is appreciated. Thanks