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On the 1120S, where should real property sales (a property…

Hello, On the 1120S, where should...
Hello,
On the 1120S, where should real property sales (a property purchased, rehabbed, and then sold) be listed at? Should I use the Gross Receipts and Cost of Good Solds section? Or, the Net gain/loss form 4797?Thanks
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Answered in 4 minutes by:
1/1/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,201
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. Unless you do enough of this that you'd be considered a dealer (a pretty high hurdle), you'll use form 4797 which will flow to 1120-S' schedule D, and then via the K-1 to the 1040 as a capital gain.

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Customer reply replied 4 months ago
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Lane
Lane, JD, CFP, MBA, CRPS
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