Since our house has been under repair, I've been visiting housing sites for other possible changes we might want to make. Hey, if you're already in disarray because of renovations, why not get everything out of the way all at once?
During my surfing, I ran across the BuildDirect Building Materials Blog, which had this interesting graphic detailing some possible costs of flipping a house.
Remember, too, that you'll have to pay taxes on any profit you make on the sale. And if you're lucky enough to turn over the property after owning it for a year or less, that tax rate will be at your ordinary income level, not the lower capital gains rate.
But if you've weighed the costs, know your region's real estate market and are ready to invest in a property,this story has some tips on dealing with the tax consequences you might encounter when you flip it.
- Our flipping new neighbor
- News flash: Investing in real estate is risky
- The 12 Tax Tips of Christmas: #2 Improve Your Home
- The 12 Tax Tips of Christmas: #8 Make House Payments Early
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