Asked by Greg Heeter, knoxville & orlando • Sat Jul 28, 2007
Say someone buys a house for x amount of dollars, owns it for 4-6 months and invests x amount of dollars. Now that person would like to flip the house to make a profit. Where, and how much can that person expect to loose before counting their profits. I've read 3 books on flipping houses and they were all vague on this matter. I'm trying to find out what you can acount for on loss, before you count your gain. What do you loose percentage wise for capital gains tax, for sales tax, state tax, at the end of the year what can you expect during tax time. How many houses can someone do a year before you need a license, and what type of license do you need? I am mainly looking for these figures in the orlando,fl area and the knoxvile area. Whatever advice i can get will be a big help, even advice on a good book to read that's not to vague with these percentages and numbers. THANK YOU
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