Real Estate Investments
by TOrbison, Window Shopper
- Created: February 5, 2011, 3:44 am
Hi, I am new to the site and I mostly joined so that I can ask a few questions and hopefully I find what I am looking for.
I am currently in Active Duty military, and a friend of mine, his father is involved in flipping houses. He buys the houses that have been foreclosed and buys them cheap and then either sells the houses or rents them to people. My main question about this is if I get involved through him and then go my own direction how does that affect how I file taxes? How much do I have to make to be considered a business? Since I am military do I have other tax laws that affect me?
I know that several states give most if not all taxes back to military members, and if I decide to do this will I still be considered for that catagory?
My main concern is what I need to do to make it as legal as possible so that later on I dont get audited because I made 250,000 one year because of smart investing. Any help for anything would be great.
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