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jackandmartha
Level 2
June 4, 2019
Solved

I am using turbo tax business for an llc. The llc flipped a house during the year. How do I record that in turbo tax?

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    Leonard11_2Answer
    Level 10
    June 4, 2019

    Using TurboTax you will report the sale of your "flipped house" on From 4797 Sale of Business Property.

    Search for 4797 in TurboTax and select Jump to sale of business property in the Top Questions results window.

    Follow the program prompts to enter your property a;e information.

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    5 replies

    jackandmarthaAuthor
    Level 2
    June 4, 2019
    I don't understand the answer.  I don't see "Jump to sale of business property. "  Is that the same as selling business assets?
    Leonard11_2
    Level 10
    June 4, 2019
    What version of TurboTax are you using ?
    jackandmarthaAuthor
    Level 2
    June 4, 2019
    I am using Turbo Tax business.
    ghinvestments
    Level 2
    June 4, 2019
    I have the same question:  Multi-member buying and selling a home.  None of the "Business Income" categories seem to apply.  Are you saying that we should use "Business property/asset disposals"?
    Leonard11_2Answer
    Level 10
    June 4, 2019

    Using TurboTax you will report the sale of your "flipped house" on From 4797 Sale of Business Property.

    Search for 4797 in TurboTax and select Jump to sale of business property in the Top Questions results window.

    Follow the program prompts to enter your property a;e information.

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