Where do I put my sale of a flipped home if I don't have an official business, LLC, etc?

Forum|Forum|7 years ago
June 3, 2019
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MinhT1

Level 15

The sale of a flipped home is reported as self-employed income on your personal tax return on Schedule C.

The sale price is reported as income. The cost of the home plus improvements you have paid is reported as Cost of Goods sold. You can also deduct any other related expenses such as property taxes, interest, advertising, brokers' commissions, etc...

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bobojacobAuthor

Level 2

But then when do you report this is a capital gain asset versus putting it as self-employment on Schedule C?

Where do I put my sale of a flipped home if I don't have an official business, LLC, etc?

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