Flipping and taxes!

Hi, I am very new to real estate and this forum. I have recently purchased a fixer/upper in Baltimore, MD and hope to sell it by the end of the year … i was told that if i re-invest money within so many days (i think it was 3 months), my profit is tax exempt. Is this the case and what is the proper name and tax form for this procedure … also, can anyone tell me what would happen as far as taxes if i decide to keep the money … should i hold on to the property for 2 years so that it will be considered long term capital gain? Thanks …

you need to consult a tax attorney!! You’re talking about a 1031 tax deferred exchange. From all the info i have you will need to find your next property before you sell this one ! If you recieve the money from the sale you will have to pay taxes. AGAIN ! CHECK WITH AN ATTORNEY WHO SPECIALIZE IN 1031 EXCHANGES BEFORE YOU SELL… AFTER YOU SELL IT WILL BE TOO LATE!