Dealer Status
Dealer status- I have an stype and want to leave it that way until I can make some money. I am worried about getting labeled as a dealer (Dealer status) if I resell houses. How many houses can I do in s satus before you get labled a dealer and subjest to at rate of taxation and rules?
JoeFitzgerald,
Glad to meet you.
Joe, you might hear many different opinions on this question, so it is best to consult with a tax advisor so he or she can guide you depending on your personal financial situation.
Questions like this are best left to the experts.
John $Cash$ Locke
Start making money and then worry about the taxes. Not the other way around.
Of course then you pay someone else to worry about it.
You are both completely right, however once the IRS put you asa dealer then your tax rates are fixed...you cant change them..