I am a LLC general contractor and I built and sold 5 spec homes in 2018. I received a 1099-S for them but they listed my personal name and SSN where should I report

[SweetieJean]

Are you the only member of the LLC?

[Critter]

Did you do this as a personal project since the homes were not in the business' name ?  Or was this all done thru the business ?

[spirolo]

I bought the lots several years ago under my personal name but I built them thru my business

[spirolo]

Yes, I am the only member of the LLC

[spirolo]

It seems like I should claim the income on my schedule c for my business, but the only place to enter a 1099-S seems to be on the personal and investment income.    

[Hal_Al · Accepted solution]

Yes, everything goes on your schedule C. The sale amount(s) goes as income (line 1, gross receipts or sales).

The cost of the lots and construction costs go on line 4 as Cost of Goods sold (COGS).

You  enter your COGS from your own accounting records (or you can use Part III, inventory, at your option).

You do not enter the 1099-S, per se. But be sure you have your own back up accounting, in case of an IRS inquiry