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For those that are investors in the flipping business, how do you guys file for taxes?

I have watched so many Youtube videos on this topic. I've seen people mention about filing as s-corps within an LLC. Learned about capital gains and ordinary rates. I am going to seek help from a CPA for professional help because I still don't understand anything about taxes. As everyone else, I would like to find ways to minimize my tax deductions.

I'm currently in escrow on a property to flip it. I have about less than 2 months that escrow is going to close. Should I start an LLC before the escrow closes? How much is it generally to get an LLC started? And how much will I get taxed in California for the profit I make off the sale of the home?

submitted by /u/jqucla
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source https://www.reddit.com/r/RealEstate/comments/pyfmzf/for_those_that_are_investors_in_the_flipping/
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