5 Tax Saving Tips Flipping Houses
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- Опубліковано 20 лип 2024
- If you are flipping houses, you could be be paying between 33 to 60% in combined taxes! Learn 5 tax saving tips flipping houses.
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Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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![How to Reduce Tax on Flip Income [Tax Smart Daily 026]](/img/n.gif)
I read the in couple of books that you can’t do 1031 on house you flip . Another thing is that flipping income is considered ordinary income therefore it’s not long term vs short term capital gain.
Thank you Jerry you are a real estate genius
Great tips on differences between shot term and long term capital gains.
Awesome video!!
Jerry, you are a flipping genius.
Jerry, how do you spec luxury homes? Do you look at ones in the area and copy their features, square footage, etc? Is it hard to find the money for this huge expense?
Jerry there's no way to explain the value of these last two video. So thankful to you Sir. & Yes I understand & I'm very clear this is not tax advice. Takeaway do bigger deals taking over 12 month & consider 1031 exchange. I FINALLY, understand 1031 exchange
+Joe Silkwood awesome! Glad to hear it! 👍👉💵
:)!
Thanks!! I though 1031 exchange was only use when buying real estate
Unfortunately it's not capitol gains for real estate flipping. The length of time matters little as it's considered a business and this income tax not capitol gains
Can you only do the deductions if the property was purchased under the LLC? The bank that I used for this particular property only wanted my personal information and not my LLC.
Didn’t see the cpa contact info. Which markets are you in? Thank you!
Do you have to hold the property for atleast a year to do a 1031 exchange?
I was told by both an exchange company and a CPA that you can't use a 1031 exchange when flipping, only if you hold the property as a rental for awhile before flipping. ...Is this correct?
12 months or longer
Do you recommend paying Contractors via Cash App?
Any IRS audit vids? How do you know???
What if I have an existing rental property, can I dump some money into that to fix some stuff up???
Hey Jerry, you didn't leave a link for how to flip luxury houses
Here is the link for the Playlist - ua-cam.com/play/PLNDQ7qfA7mTgEdZI-cwO8WZ1YEjcUtRUQ.html
maybe the rules were diff 5 years ago but now, flips cant be 1031 exchanged unless you can prove your intent was to use the property initially as an investment. if you have done flips in the past, the iRS looks at you like a dealer selling inventory, not an investor who would qualify for the 1031 exchange.
I also read the same thing in couple of books. Another misinformation in this video is that flipping income is considered ordinary income therefore it’s not long term vs short term gain.
1031 Exchange, thanks for that little nugget
+Thomas Wallace
👍
@@FlippingMastery Hey Jerry I have an opportunity to flip a house , but I'm a bit confused on should I create a new llc, to put the project under or put it under my other company that's and inspection company, but not necessarily used for flipping, or put the project in my own name, but I feel it's more of a risk doing it this way. Any advice? Thanks in advance, and I know your not a tax professional.
Wow u are insane with value
+S R thanks! 🙏👍👉💵
What all will I get with the flipper software!? Any courses!?
+rafael rascon yes, there are 3 different levels. Here’s a comparison
flipstersoftware.com/2019/payment-plans/
Yes there is a ton of training!
So if I purchased a home for 100,000 fix it with 10,000 and sell it at 150,000 my capital gains that get taxes is 40,000?
Hi! Jerry
If I pay the contractor in cash. W9 form, lien waiver and invoice are received from Contractor. Is it still considered as tax-deductable expense?
No not if you 1099 the contractor
When I flip a house longer than 12 months, could I get another real estate deal or just focus on that 1 property? If I focus on 1 property, that means I can only flip a house once a year. I want to flip at least 5 homes
Any suggestions?
Should I open an LLC before getting an investment property?
My personal advice on this is Yes, you should set-up a company (LLC or other) before buying your first deal. For me, having separate bank accounts, credit card, etc (all in the LLC name) has really helped to ensure that I don't co-mingle expenses and funds. I can track expenses better and really stay on top of my P&L project by project. This will help at tax time when I am itemizing expenses for the LLC.
Taxes taxes taxes...
As far a 1031-exchange goes can you roll the profits from a flip to a new deal that's cheaper than the previous one you flipped?
Yes as long as you roll the profits
@@FlippingMastery what if I keep rolling my profits to the next flip until I'm liquid enough to to purchase the property outright, and then hold the last flip for 2 years?
Hey Jerry, what type of llc would I need to write off expenses, labor and material?
ive heard s corp is best option
@@brentonlevi thank you
Hey Jerry how can I get a hold of you. I've got this phenomenal SFR development opportunity in South Florida and wanted to share with you the details.
Join his program pay the hundred bucks a month
I work in the South Florida area and can help you out with disposition if you're interested
So the more houses anybody sells. The higher u get in ur interest
Do you get to write off labor and materials?
+Ty Ty
Yes
Thank you
Ah...there it is...the1031 Exchnge. heh heh heh
+Chris Islas
👍👉💵
I’m 63 yrs old. My advise is to do the job you enjoy mostly, especially since you sound to be making good income in each business.
Please talk slower!!
This is ABSOLUTELY HORRIBLE advice! You may know how to handle construction but your advice in this video is dangerous.