- quote -

Along these same very lines (maybe even the case here since
it's not specified). If it is all he does and he lives in
the house as his primary home, isn't it just a regular
buy/sell transaction? If he does one house after another
(assuming he likes to move a lot), he just has a lot of
sales of his primary home.

Results are short term capital gain with no self employment
tax. Right?

OK, now tels me the bad stuff about this...

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Most people want to be classified as real estate
professional for loss purposes.

I have a friend who is buying houses, fixing up and selling
for fairly good profits-it is all he does anymore. would he
be called a real estate professional and thus subject to
filing self employment taxes vs capital gains? he also has
several money making rental properties-would this also be
subject to self employment tax? thanks in advance.

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