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ONTIMELSU13
| Favorite team: | LSU  |
| Location: | |
| Biography: | |
| Interests: | |
| Occupation: | |
| Number of Posts: | 8 |
| Registered on: | 5/6/2011 |
| Online Status: | Not Online |
Recent Posts
Message
re: Taxes on a House Flip
Posted by ONTIMELSU13 on 3/6/18 at 3:37 pm to Tiger Prawn
As of the first house neither of us took a salary at all.
We both got a K-1 splitting the final profit 50-50. That money is being taxed to each of us as personal income even though we both left all of it in the LLC's bank account.
We both got a K-1 splitting the final profit 50-50. That money is being taxed to each of us as personal income even though we both left all of it in the LLC's bank account.
0
re: Taxes on a House Flip
Posted by ONTIMELSU13 on 3/6/18 at 10:10 am to AUjim
quote:
Tax rate plus 15.3% fica/ self employment tax.
This.
Thanks again everybody for feedback... Hoping to do more flips this year and will try and find as many deductions as possible I guess :lol:
re: Taxes on a House Flip
Posted by ONTIMELSU13 on 3/5/18 at 2:17 pm to OceanMan
Thanks OceanMan... Totally agree just making sure I'm not missing something.
Appreciate the feedback!
Appreciate the feedback!
Taxes on a House Flip
Posted by ONTIMELSU13 on 3/5/18 at 1:07 pm
A buddy of mine and I flipped our first house last year and did fairly well on it. I knew taxes would be high but not 40% of the profit.
Is there something I'm missing? Are there ways around not having to pay 40% of profits on every flip?
We flipped the house through an LLC we formed last year. We plan to do more just hoping to find a way to reinvest most of the profits rather then send almost half to the IRS.
Thanks for any help! :cheers:
Is there something I'm missing? Are there ways around not having to pay 40% of profits on every flip?
We flipped the house through an LLC we formed last year. We plan to do more just hoping to find a way to reinvest most of the profits rather then send almost half to the IRS.
Thanks for any help! :cheers:
re: DirecTV customer loyalty discount
Posted by ONTIMELSU13 on 12/4/17 at 10:08 am to BallstotheWall
On the phone now... first call to 1800 directtv and the girl knew nothing.... then called this direct line 1 (800) 778-3397 and the guy gave me the $50 off right off the back and is now searching for anything and everything else he can add...Upgraded internet and he is searching for premium channels to add as we speak :nana:
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