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Probably on Schedule C. Remember that YOU used the word FLIPPING.
Answers are easy. Questions are hard!
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Probably on Schedule C. Remember that YOU used the word FLIPPING.
Answers are easy. Questions are hard!
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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?
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can you elaborate on reporting sale of several "flipped" house on schedule c?
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@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