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wfgfinancial-pl
Level 2
December 7, 2019
Solved

Is anyone familiar with the tax rules on flipping house income and any impacts with the new tax laws?

Tax rules on deduct flipping expenses and how the profit to be treated as capital gain or ordinary income?

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abctax55
abctax55Answer
Level 15
December 7, 2019

The new tax laws didn't change the treatment of "flipping" houses.

What's the specific fact pattern?

HumanKind... Be Both
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abctax55
abctax55Answer
Level 15
December 7, 2019

The new tax laws didn't change the treatment of "flipping" houses.

What's the specific fact pattern?

HumanKind... Be Both
wfgfinancial-plAuthor
Level 2
December 7, 2019
Thanks for the response. Is the profit from the flipping treated as capital gain or ordinary income?  How do the related flipping expenses to be treated in either of the assumption? I spent 50k this year to repair and remodeling the house. How should I deduct this expense this year or just add it to the basis of the house?
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