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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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?

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.

https://turbotax.intuit.ca/tips/flipping-houses-and-taxes-3653

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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?

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.

https://turbotax.intuit.ca/tips/flipping-houses-and-taxes-3653