![]() ![]() Normally, if you purchase a piece of real estate to fix up and sell it at later date, the profit is taxed under the capital gains rules. However, when you’re in the trade or business of flipping houses for profit this may not be the case. In many cases, real estate is considered a capital asset, and the sale of the home can qualify for preferential capital gain tax rates. ![]() Read on to learn more about taxes on flipping houses. However, there is still a lot of confusion around taxes and flipping houses for profit. As the real estate market across the country is booming, house flipping is becoming a lucrative job option. The number of home flipping sales is on the rise.
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