Our s-corporation's main business is buying, renovating, selling houses. No rentals involved. How do I record 1) The purchase of a house (inventory), 2) Sale of the house (from received 1099-s from the Title Company, 3) Record adjusted cost basis' (to determine profit or loss), 4) Have the inventory removed from my balance sheet, and finally 5) Recorded on our K-1s? I am using TurboTax 2017 Business Partnerships, Corporations, LLCs, Trusts & Estates tax software. Thanks.
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