I am planning to purchase a fixer upper home to flip using my savings to pay off debt. How does any profit from the resale affect my personal taxes and how do I claim it?

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1 Best answer

Level 15

Oct 30, 2019 6:54:01 PM

Since the fixer upper is not your primary residence, you will be subject to capital gains on the profit, regardless of how you use the funds.

Level 15

Oct 30, 2019 6:54:01 PM

Since the fixer upper is not your primary residence, you will be subject to capital gains on the profit, regardless of how you use the funds.