There are many other tax issues besides income taxes. Most counties and parishes charge a recordation tax based on the dollar value of a sale. That can amount to many thousands of dollars of additional fees at closing. Some communities have what is called a mansion tax. It is a local government tax on residential real estate sales over a certain amount, whatever is considered a mansion under local law.
Especially when flipping raw land, you should know about something called rollback taxes. Raw land is not just vast tracts out in the middle of nowhere. You might buy a home on a double lot, flip the house on one lot and sell the second lot separately to someone else.
Or, you might buy a small three or five-acre farmette in a growing suburban area and sell the extra land.
If property has a low real estate tax rate because its current use is agricultural or residential, for example, and then it is sold and converted to a convenience store, the real estate taxes will be higher. Normally, this would not be a problem for the seller, unless the sales contract had a clause requiring that taxes be prorated, including prior year taxes. When a jurisdiction has rollback tax rights, it can recalculate the real estate taxes going back as many as ten years. The seller might have to reimburse the buyer for ten years’ worth of taxes at very high rates, possibly amounting to more than the sales price of the property.
For all these issues, and any others not mentioned, a title insurance company or real estate closing company can tell you what possible taxes you might have to consider. Any real estate agent can tell you the closing companies in town, and the closing companies can answer your questions for you.