Does anyone on here flip houses? If so send me a PM. Would like to chat! thanks!!
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Flipping houses
- Thread starter Phydoux
- Start date
Depends on how you define "flipping"? I have never been in the flipping business, per se, but I usually own two or three at a time, so I can live/work/update/remodel at any location. The advantage, for me, is that I can always meet the IRS rules for having both owned and lived in a house so as to exclude up to a $500,000 (married) gain. Unfortunately, I have never had a $500,000 gain on a single property but I like being able to live in it, work on it, and then enjoy the untaxed fruits of my labor.
I am on my 29th property that includes primarily single family homes with a few commercial buildings, but does not include the unimproved/raw land.
The rules used to be you only had to live in the home for two years prior to selling but they have changed them now to a simple test over the previous 5-year period...
I am on my 29th property that includes primarily single family homes with a few commercial buildings, but does not include the unimproved/raw land.
The rules used to be you only had to live in the home for two years prior to selling but they have changed them now to a simple test over the previous 5-year period...
During the 5-year period ending on the date of the sale, you must have:
Edit: Please DO NOT take this as tax advice. You must read and interpret the vagueness of the US TAX CODE and apply it to your particular situation so that you NEVER PAY MORE THAN YOU OWE.- Owned the home for at least two years (the ownership test)
- Lived in the home as your main home for at least two years (the use test)
