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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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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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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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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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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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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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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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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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