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

[john_twarogal]

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?

[George4Tacks · Accepted solution]

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

[abctax55]

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?

[CL44]

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

[TaxGuyBill]

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@CL44 wrote:

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

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See your main post:

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