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Home > Business & Careers > Home-Based Business   »   home buisness

 
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Old Jan 19, 2007, 06:08 AM
pattay51
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home buisness

I have bought my first house to flip My husband and I have done a lot of the work ourselves can we draw a paycheck for our labor?

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Old Jan 19, 2007, 06:15 AM   #2  
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Depends on how you want to work things. Generally, your profit is your pay in a business like that. What you MIGHT be able to do is deduct your labor as an expense to reduce the tax liability of the profit.
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