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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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smfesq
Level 2
04-05-2021
12:45 PM
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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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jeffmcpa2010
Level 11
04-05-2021
02:29 PM
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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.
