I am starting with houses buying, fix then sale.
Could you please give me a clear explanation how to pay tax after selling the house?
Thank you for your question! Tax rules define flipping as “active income” and profits on flipped houses treated as ordinary income with tax rates between 10% – 37%, not capital gains with a lower tax rate of 0% – 20%. For a complete guide to the taxes you’ll be expected to pay after flipping a house, check out our guide here: https://fitsmallbusiness.com/taxes-on-flipping-houses/
Best of luck,
You must be logged in to reply to this topic.
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.