Quote:
Originally Posted by Dominicwasalreadytaken
Oh, and flipping doesn't really make sense unless you're coming out with a capital gain of 30k, depending on how many renovations you do.
photon's more of a flipper, I think.
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What do you mean by this? If I wanted to start smaller and flip condos or townhouses, I would not expect to make more than $30k.
Do you have to pay tax on all money made on flipping houses?