Hello All -
I am in the process of launching my REI career. My strategy for now is to flip homes. Buy low, sell at FMV.
Could someone please tell me how will I be taxed by the IRS on the profits that I make? If I don’t start an entity and flip homes under my own name, would the income created from flipping be categorized as business income by the IRS? How should I declare that income on my tax returns?
Thank you in advance for answering this post.