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spirolo
New Member

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

 
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Accepted Solutions
Hal_Al
Level 15

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

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

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6 Replies
SweetieJean
Level 15

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

Are you the only member of the LLC?
Critter
Level 15

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

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
New Member

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

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

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

Yes, I am the only member of the LLC
spirolo
New Member

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

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
Level 15

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

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

View solution in original post

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