Flipping-Is it for you?
Flipping house if a new trend today, but as I watch all of the shows and hear all of the comments about flipping, one thing they do not talk about is tax liability when you make $50,000. This can be a significant liability and can be devastating come tax time. You will need very good record for your taxes.
This organizers is to help you understand what you will need and how to keep track of everything. If its a one time flip, or you plan on doing more than one.
What the book contains:
Tools purchased and depreciation
Mileage
Subcontractors and 1099's
Basic expenses
Real Estate Expenses
Keeping track of your expenditures.