Hello,
I can't seem to figure out how to report sales from house flipping, buying a house, fixing it and reselling it. not sale of personal home.
It used to be on Sch D, but that seems to have entry for stock sales using the 1009-B entry option, 8649 is not editable to flow to the Sch D.
If I enter it on 1099-B it shows up as 8649 box F checked, it was not reported on any thing received at closing.
Suggestions?
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Flipping denotes multiple and sounds like a business as opposed to a one off.
It should be reported on Schedule C.
Sch C, houses and improvements are all part of inventory until the house is sold.
It's 2, even then would it matter if it was real property of a widget? still should be report somewhere
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