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jackandmartha
New Member

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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Accepted Solutions
Leonard
Intuit Alumni

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?

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.

View solution in original post

5 Replies
jackandmartha
New Member

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?

I don't understand the answer.  I don't see "Jump to sale of business property. "  Is that the same as selling business assets?
Leonard
Intuit Alumni

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?

What version of TurboTax are you using ?
jackandmartha
New Member

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?

I am using Turbo Tax business.
ghinvestments
New Member

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?

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"?
Leonard
Intuit Alumni

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?

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.

View solution in original post

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