Posted by Jim on February 10, 2002 at 09:26:49:
You do NOT want to be personally labled a “DEALER”. Your corp. maybe, but yourself NO! You loose a lot of IRS deductions as a “DEALER”.
WI means a Real Estate salesman or broker’s licenses or get fined and maybe even labled a dealer with the IRS. And it’s very hard to get ‘UNLABLED’.
5 “flips” = requires RE license in WI? - Posted by Mike
Posted by Mike on February 09, 2002 at 21:19:44:
Hello again,
Real quick here ?
A relative of mine just took his 5-year required retest for his real estate license and one of the questions (for the Wisconsin test) was something like:
?If an individual buys a property and then sells it the next year, and they do this 5 times a year, they are required by law to get a real estate license. Yes or No.
The correct answer according to the test is YES.
Any thoughts? Anyone run into this in other states? Is there any reason this should bother (or not bother) me?
Thanks!
~~ Mike ~~
Re: 5 - Posted by george
Posted by george on February 10, 2002 at 22:31:40:
You may use options or assign contracts.
Assign purchase contract - Posted by Jody
Posted by Jody on February 10, 2002 at 17:34:25:
Maybe if you flip you can sell and assign the contract without putting the deed in your name. That was bassically all I had to say!
Re: 5 “flips” - Posted by Tom (WA)
Posted by Tom (WA) on February 10, 2002 at 15:08:04:
Mike,
How about if you do 5, your wife does 5, your 1st corporation does 5, and your other corporation does 5, and so on.
Re: 5 “flips” requires RE license in WI? - Posted by Alex(Boulder)
Posted by Alex(Boulder) on February 09, 2002 at 23:40:22:
It may not be a real estate “agent” license.
It may be a real estate “dealer” license, because he/she may now be considered as a dealer FOR THE TAX PURPOSE.
I don’t live in WI, so I am just guessing.
Re: 5 “flips” requires RE license in WI? - Posted by jim
Posted by jim on February 09, 2002 at 23:52:20:
What is a real estate dealers license? Where do you get one?