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S
smfesq
Level 1
April 5, 2021
Question

Capital Loss or Ordinary Loss

  • April 5, 2021
  • 1 reply
  • 0 views

How do I report the loss on the sale of real estate purchased for investment by Schedule C business that 

is in the real estate business? The real estate was not depreciated because it is either unimproved land or real estate intended to be renovated and sold but was not renovated.

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1 reply

J
jeffmcpa2010
Level 10
April 5, 2021

By your explanation it sounds like inventory to me. Ordinary income in the course of business. 

Sales price included on Schedule C Line 1

Cost on Schedule C line 4.

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