Monday, December 05, 2005

Oh, by the way... other little problem with making a fortune with the quick flip infomercial gurus. In case your CPA or tax attorney hasn't told you, if you want to qualify for that lovely 15% capital gains rate, you need to hold the property for at least one year. If not, you're stuck with the 35% rate. And if you're thinking of flipping by using 1031 exchanges, there's a laundry list of issues there that the brokers don't really know that well but your neighborhood IRS auditor does.

Bottom line, folks: Investing is a business. Treat it that way, get proper professional help up front, and expect to pay for it.


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