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Officials: Condo 'flippers' beware.
Publication: Las Vegas Review-Journal (Las Vegas, NV) Publication Date: 27-AUG-05 |
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COPYRIGHT 2005 Las Vegas Review-Journal
Byline: Hubble Smith
Aug. 27--Condo "flipping" is on the rise in Las Vegas, but some investors could get stuck with unforeseen tax payments and other financial liabilities that come with real estate investments, officials warn.
"The foreclosure trap is one of the many pitfalls that flippers fail to see when they fail to take the look-before-you-leap approach to their craft," said Lonnie Davis, a Philadelphia tax accountant whose clients have investments in Las Vegas.
The most common mistake new flippers make is assuming that all transactions will result in long-term capital gains and be taxed at...
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