“House flipping” refers to the practice of purchasing distressed properties, usually either at a foreclosure sale or directly from the homeowner, at a discount, and then after making repairs and upgrades, selling the property for more than was invested. The laws on house flipping vary depending by state, but are always complex and very particular. These laws involve significant understanding of how to proceed depending on whether the distressed property is a foreclosure, a sale from a deed of trust, or whether purchased directly from the homeowner. Tax implications can include whether it is a short term or long term capital gain, and the basis for the capital gain, if any. The attorneys and tax consultant at Juris Law & Mediation are experienced in advising their clients on all aspects of “house flipping” and welcome the opportunity to discuss plans – whether you plan on flipping your first house, or your fiftieth house.
