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Im trying to figure out where to put a home purchase for
im trying to figure out where to put a home purchase for flips on 1065. purchase was made in 2022, but did not sell yet. This is the first year, so they have nothing to sell in 2022. Where would I put… read more
Moira C., CPA
Moira C., CPA
Certified Public Accountant (CPA)
Bachelor in Accounting
2,195 satisfied customers
I have few houses under my name. I was told I should have
Hi, I have few houses under my name. I was told I should have each house in an LLC these properties are buy and hold or for flip. If I create an LLC for each , how do I include this properties in my p… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
3,619 satisfied customers
What is the best way to report flipping houses as a
What is the best way to report flipping houses as a business? Some are short term, some are long term and some were rentals then sold? I have always done them on the 4797 but I had someone suggest run… read more
Moira C., CPA
Moira C., CPA
Certified Public Accountant (CPA)
Bachelor in Accounting
2,195 satisfied customers
In 2020, I bought and sold a house in to flip. Is this
In 2020, I bought and sold a house in to flip. Is this capital gains or taxed as ordinary income? I read somewhere I need to report on schedule C and can write off all expenses incurred since I bought… read more
Lev
Lev
46,722 satisfied customers
Lev, If a sole proprietor is in the business of flipping
Hi Lev,If a sole proprietor is in the business of flipping houses can he show all of his activity on Schedule C or must he use Schedule D to show gain? Thanks… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,361 satisfied customers
We live in pa flipped a home in MD and paid est. income
Hi, we live in pa flipped a home in MD and paid est. income taxes at the time of settlement. We are not a llc an individual. How do I handle pa and Md and can I put mileage into cost basis … read more
Barbara
Barbara
Enrolled Agent, Paralegal
26,896 satisfied customers
House Flipping - 1. Single Taxpayer has a full time job. 2.
House Flipping -1. Single Taxpayer has a full time job. 2. On the side, purchased a house, rehabbed it, then sold. 3. Took two years from purchase to sale. 4. Taxpayer loss money. 5. He did not record… read more
Carter McBride
Carter McBride
LLM
9,918 satisfied customers
I have a client that has a consulting business (Sch C) and
I have a client that has a consulting business (Sch C) and received a 1099-B with proceeds of $1,226,433. Since it is proceeds from broker, does it HAVE to be filed under Schedule D? The reason I ask … read more
Carter McBride
Carter McBride
LLM
9,918 satisfied customers
I read your answer to a similar question from 2007 and
I read your answer to a similar question from 2007 and wondered if your answer is the same. I purchased my first fix and flip property in 2018 and expect to sell it in 2019 . I already know I will hav… read more
Carter McBride
Carter McBride
LLM
9,918 satisfied customers
TaxmanRog only please: I appreciate his advice. Rog, when I
Customeronly please: I appreciate his advice. Rog, when I buy a investment house to FLIP, lets say in 2017. I have two questions or maybe its the same answer.If I incur no costs other than the closing… read more
taxmanrog
taxmanrog
Master's Degree
2,203 satisfied customers
A client flips houses for the majority of his income, and
A client flips houses for the majority of his income, and invests in rental properties, which are managed by a separate LLC. Does his flipping business count as active self employment income separate … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I have a specific situation, I own a LLC company, how do I
hi, I have a specific situation, I own a LLC company, how do I report income, as a capitol gain or as my ordinary income. I had 3 house flips with my busines partner in 2017 … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I took a construction loan and built 2 residential
I took a construction loan and built 2 residential properties...completed in 2016...I sold both properties on 05/12/2016 and 09/30/2016....how do I report these sales in my 2016 taxes....I did not rec… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
3,455 satisfied customers
Miles in Schedule C. I have an investment property that I
Miles in Schedule C.I have an investment property that I rehabbed all through 2015 with a lot of miles travelled to research/buy materials from a large city 50 miles away.I don't have any income from … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,361 satisfied customers
I buy real estate, renovate it and sell it as my full time
I buy real estate, renovate it and sell it as my full time job, which I started in 2014. I have three properties that I purchased in 2014, but didn't sell any in 2014. What schedule do I use. Only 1 o… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,361 satisfied customers
Hello, How does qualify business for tax purpose if person
Hello, How does qualify business for tax purpose if person or small corp buys residential houses in bad condition , repair its (hire construct. company) and sell its?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,667 satisfied customers
I purchased and sold my first flip house. I am fully ...
I purchased and sold my first flip house. I am fully supported by someone else, but they do not claim me as a dependent on their tax return. Not sure that I will ever do it again. Do I still have to c… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Where do I report gain on investment house that I reinvest
I bought a house as a "flip house." Have sold it. I understand I can "roll the gain forward" into my next flip. On what form and how do I do this?… read more
Lev
Lev
46,722 satisfied customers
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