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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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If I sell a flip property under a sole member LLC where do

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If I sell a flip property under a sole member LLC where do I report the income on the tax return. I have also flipped on under my personal name.
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Customer: If I sell a flip property under a sole member LLC where do I report the income on the tax return. I have also flipped on under my personal name.
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Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. If you LLC is in business of flipping houses, than you report it on schedule C. For tax purposes, single member LLC is treated as disregarded entity. Which means you and the LLC is the same person/entity, unlike a corporations where a corporation and its shareholders are separate persons/entities. It doesn't matter if you use your name is ***** ***** your social security number or LLC EIN, it will all be reported on one schedule C as long as your LLC engages in flipping houses.

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