lambeauman 0 Report post Posted April 16, 2006 I am interested in getting into title flipping and am wondering how it works when it comes to the closing. Do I report the profit as income and if so about how much would be taken out for taxes? If it makes a difference, I live in Wisconsin. Share this post Link to post Share on other sites
Dave T 0 Report post Posted May 18, 2006 Is "title" flipping the same as flipping the property? If so, then for your federal income taxes, report your flip profits on Schedule C (1040) and use Schedule SE to compute your payroll taxes. Flip profits are taxed as ordinary income at whatever rate applies to your tax bracket. Payroll taxes are 15.3%, but you get to take a credit for half of that amount on your 1040. As a general rule, if you are a resident of the state in which the property is sold, no withholding deduction is required. If anything is deducted at settlement depends upon your local practices in WI. Share this post Link to post Share on other sites