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JBE, CPA
JBE, CPA, Certified Public Accountant (CPA)
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Experience:  25 Years Experience
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spec building sales

Customer Question

I built a 2 unit builing in 2004 and sold one unit in 2004 and recieved a 1099-s. can i wait till the other unit sells before acounting for it on my taxes. How do I account for the sale on one unit if i have to report it
Submitted: 11 years ago.
Category: Tax
Expert:  JBE, CPA replied 11 years ago.
You will have to report the sale of the one unit in 2004. YOu should have a good idea of your total cost of the project and therefore deduct the costs related to the sale of the one unit in 2004. Obviously you will have incured costs in 2004 for the second unit which wont be sold until 2005. Those costs must be capitalized as inventory and then deducted against the sales proceeds of the second unit.

If you have common costs you can apply a ratable portion of them to each unit.

JBE, CPA
JBE, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 137
Experience: 25 Years Experience
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