WHERE DO I REPORT THE GAIN FROM FLIPPING A HOUSE THAT WAS A CAPITAL ASSET?

Forum|Forum|6 years ago
December 7, 2019
3 replies
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Best answer by George4Tacks

Probably on Schedule C. Remember that YOU used the word FLIPPING.

J

john_twarogalAuthor

Level 2

Yes if they are in the business of flipping. But is it is only one instance is not considered to a be an investment in a capital asset and reported as such?

George4TacksAnswer

Level 15

Probably on Schedule C. Remember that YOU used the word FLIPPING.

Answers are easy. Questions are hard!

abctax55

Level 15

YOU need to determine what the intent was....and using "flipping" and capital asset to describe the same transaction is confusing.

ONE time, with no intent to do it again = probably a capital gain/Sch D

One time, with the intent to do it again & again = Sch C.

Does your client have a contractors license? Does your client have a full-time job?

HumanKind... Be Both

C

CL44

Level 3

can you elaborate on reporting sale of several "flipped" house on schedule c?

T

TaxGuyBill

Level 15

@CL44 wrote:

can you elaborate on reporting sale of several "flipped" house on schedule c?

See your main post:

https://proconnect.intuit.com/community/tax-talk/discussion/flipping-houses/01/166240

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