Flipping Houses and Taxes

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
Flipping Houses and Taxes

Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

You know, there’s quite a few people out there doing flipping. And you know, they buy a house, they flip it and then they turn around and sell it. And there are some advantages and disadvantages. Remember, short term capital gains, for example, are taxed at ordinary income rates. It is not really capital gains. So if you’re flipping a house, be prepared to pay taxes if you’re making money. And tracking those expenses is very, very important to make sure you have good record keeping. Because at this point, no one knows if you go to Home Depot to fix your house or to fix a flipper. How are they going to know unless you’ve got good records?

You need help with record keeping you need to call me at (615) 367-0819.

Announcer 0:52
You can catch the Doctor Friday Call-in Show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.7 WTN.