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When flipping condos a lot of people ignore the tax laws are don't take the time to get educated on how taxes play a big role when flipping condos. When this happens they're often shocked when the receive a huge tax bill because certain procedures and laws were not followed. Taxes will most certainly need to be paid when flipping condos especially if it's not your principle residence.
Some people make the mistake of trying to cheat the tax man and this can have really bad consequences. So before you decide to get in the business of flipping condos, sit down with a good accountant and tax lawyer to get some advice.
Watch this episode where real estate agent Joe Terceira interviews real estate tax lawyer Eldad Gerb of Devry Smith Frank where they will discuss taxes in condo flipping.
For more information on real estate taxes or if you're looking for a tax lawyer contact:
Eldad Gerb, B.B.A., J.D.
Tax Lawyer / Devry Smith Frank LLP
Phone: 416-446-3327
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Fantastic Properties For Sale In Mississauga, Brampton, Milton, Oakville, & Toronto
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Joe Terceira / Sales Representative
Phone: 647.494.0244
Taxes On Condo Flipping In Real Estate
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