Business Structure for Flipping Houses
What business structure S corp or LLC do you use to buy and flip houses? Also, how can I reduce taxes if I am working full time with a high salary? Thanks!
|LM says: This is definitely a question for your accountant and maybe an attorney depending on the size of your assets and estate. All I can tell you is what I do. |
I had an S corp and an LLC where I hold the properties that I flip. Since I also own rental property, I held those in a separate LLC.
As far as reducing taxes, this is definitely something your accountant will have to tackle. When flipping houses you will have to pay taxes, no doubt, but I paid taxes because I was making a profit so in my mind that is not a bad thing. But if your business structure is set up properly and you keep careful track of all your expenses you can do a lot to minimize your tax burden.
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