Thanks for the reply Jim.Let me clarify that these are strictly hypothetical situations. I am just doing a little due diligence and trying to understand the tax complications.With respect to flipping properties, can someone be classified as a real estate professional if that person is a W-2 employee? What about a time period? If there is a holding period of say six months...? A year? Although, I wouldn't want to carry a rehab for a year.Thanks for your input.John.
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