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likrishstk
New Member

LLC for Home Renovation Expenses and Income

My husband has set up an LLC for renovating houses, he has an EIN number and we have TT Home & Business. Where do we enter the costs from purchasing the homes he renovated, the costs for expenses in renovating, and the income for the sale of the home? Do we just enter it as a single 'net' number?

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Accepted Solutions
tagteam
Level 15

LLC for Home Renovation Expenses and Income

I will refer you to the links below, but the short story is your husband is considered to be a real estate dealer if he is making a business out of buying and renovating homes and then selling them.

 

If that is the case, and the LLC is a single-member LLC, then he would report those transactions on Schedule C as the sale of inventory. 

 

https://ttlc.intuit.com/questions/4257363

 

https://ttlc.intuit.com/questions/3930194

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1 Reply
tagteam
Level 15

LLC for Home Renovation Expenses and Income

I will refer you to the links below, but the short story is your husband is considered to be a real estate dealer if he is making a business out of buying and renovating homes and then selling them.

 

If that is the case, and the LLC is a single-member LLC, then he would report those transactions on Schedule C as the sale of inventory. 

 

https://ttlc.intuit.com/questions/4257363

 

https://ttlc.intuit.com/questions/3930194

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