I flipped/sold a house in my business name in 2017. Where do enter that information? Also, does the net profit count as income for the business?

[JulieH1]

You will enter income form the sale of the house as an investment sale. Yes, it is income for the business if you made a profit and it was done in the business name.

Follow these steps to include the sale:

To enter an investment income from a flip house please follow the steps below:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on” (jump to full list)
4. Scroll down the screen until to come to the section “Investment Income”
5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
6. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
7. Since you did not receive a 1099-B, answer “no” to the 1099-B question
8. Select - everything else
9. Some basic information:
1. Description –  Usually the address of the property sold
2. Sales Proceeds – Net proceeds from the sale 
3. Date Sold – Date you sold the property
10. Tell us how you acquired the property - purchased
11. Purchase information - This is where you will enter your cost plus the capital improvement costs
12. Enter the date acquired