By Kay Bell, Bankrate.com
If you’re looking to turn a quick buck on a real estate transaction, accountant Bill Rucci has some words of warning: “It may be quick, but it also may not be as lucrative as you first thought.”
With housing prices in many parts of the United States skyrocketing, flipping — buying a property and then quickly reselling it at a higher price — has become the hottest investment trend.
But if you’re not careful with your real estate flips, your investment strategy could produce a sizeable payoff for an unintended partner: the Internal Revenue Service.