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Home Flipping with 2 Houses - Liable for Tax?
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casterweb
Posts: 58 Forumite
Hi All,
Ok. Property tax question
==================
Buy 2 homes.
Home 1 requires a lot of refurbishment but good potential for profit. Home 2 is in reasonable condition.
Use home 1 as a primary residence. Rent out home 2.
Refurbish home 1 (over a period of months) and then sell to coincide with end of let of home 2. Move into home 2.
Home 2 is now primary residence.
Qu: Liable for tax on home 1? (assuming a profit has been made)
Ok. Property tax question
==================
Buy 2 homes.
Home 1 requires a lot of refurbishment but good potential for profit. Home 2 is in reasonable condition.
Use home 1 as a primary residence. Rent out home 2.
Refurbish home 1 (over a period of months) and then sell to coincide with end of let of home 2. Move into home 2.
Home 2 is now primary residence.
Qu: Liable for tax on home 1? (assuming a profit has been made)
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