Matt Douglass
Level 1
02-16-2025
09:54 PM
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If a taxpayer builds a home as a side business, how is that entered into ProConnect?
Taxpayer has a W-2 job unrelated to construction. A majority of their income comes from their regular job. They built this house on the side purely with the intent of selling it for profit. Purchased the land in 2023 and had expenses in 2023. Sold the completed house in 2024.
I know that the expenses are added to the basis when the house sells and I'm looking for tips on where in Proconnect to enter the sales proceeds and basis information.
Thank you all!