A property flip happens when a taxpayer buys a property with an intention to make a quick profit. The term quick means a short period of time.
The common examples of flipping properties are:
Buying a property, renovating it and selling it.
Buying a property with an objective of appreciation in its value to make a profit.
Assignment sales that are buying a property from the builder or developer when it’s not completely constructed and selling the same before taking possession.