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    pattay51's Avatar
    pattay51 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 19, 2007, 07:08 AM
    Home business
    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?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 19, 2007, 07:15 AM
    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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