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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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I AM WORKING ON A FLIP HOUSE AND DO I REPORT THAT

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I AM WORKING ON A FLIP HOUSE AND DO I REPORT THAT ON A SCHEDULE C. I WILL NEED TO DEDUCT MORTGAGE INTEREST AND PROPERTY TAXES AND I CAN NOT PUT IT ON THE SCHEDULE A AS I ALREADY HAVE MY FIRST HOME AND AN INSTALLMENT SALE INCLUDED ON THE MORTGAGE DEDUCTION

Income and expenses related to this type of venture should be reported on Schedule C. This is a business from the IRS standpoint.

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Customer: replied 8 years ago.
THANK YOU
THAT IS WHAT I THOUGHT
YOU WERE A GREAT HELP.. I WORRY THAT MY CUSTOMERS MAY NOT GET THE BEST SERVICE FROM ME AND THIS IS A NEW VENTURE