Howdy friends and real estate enthusiasts!
I've got another head-scratcher! (for a guy as wet behind the ears as I am at least!)
Let me first explain a little about what I'm doing and what I want to get from it.
I'm in the process of doing my first double close; I'm going to close at x price then sell at y. Because I'll be closing on the same day, there's definitely going to be higher tax implications on what I'm doing. I'm wondering though how I can best structure the deal in the future, because I am also going to get a listing agent's commission on the property as well. (I'll be using a private money lender who is a close friend of my broker.)
At this point in my life I'm buying/selling the property as an individual but I'm wondering if a corporate structure would help me offset certain types of income/capital gains taxes, and if so which would be best?
Also, when I do set up this corporate structure, what is the best way to pay myself out of those funds?
I do plan on using the majority of the profit for further growth and marketing but how much should I also withold for taxes?
Thanks a lbunch for your help and consideration. If I have not done well enough explaining let me know and I will try to elaborate further; your collective expertise is definitely a resource and a blessing!
Happy 4th and God Bless America!!
