I have an LLC, last year I bought 2 houses that I flipped it, after the sale I receive 2 1099-S. I don't know where to put those income and expenses! Help Please!

[ColeenD3]

If you are in the business of flipping houses, you will report all the income and sales information on a Schedule C as business income from self-employment.

To set up your business:

1. Open or continue your return.
2. Search for schedule c and click the Jump to link in the search results.
3. Answer Yes to Did you have any self-employment income or expenses?
   • If you've already entered self-employment work and need to enter more, select Add another line of work.
4. Follow the onscreen instructions.

If you are not in the business of flipping houses, you would report this as the sale of a capital asset because you bought the home for investment purposes. You will add the remodeling costs to the basis to determine your overall gain or loss. You may need to upgrade to TurboTax Premier to report this capital asset sale.

Click this link for further information about reporting the sale of a capital asset

• To enter this transaction in TurboTax, log into your tax return and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information.

[rod2021]

Hi, thanks for the reply, I already on this screen (under business), the question that I have is, where am I putting the information for the properties, like the purchased price, construction cost and profit, because I can't find it anywhere.

I have the 1099-S, however on this form the only think that has is the sold price, that is not my profit, I need to deduct the purchased price, and the construction cost.

I looked everywhere for the answer and I can't find it anywhere.

[Critter-3]

If this is the first time doing something like this I HIGHLY recommend you seek out local professional assistance in this complicated situation.  Or upgrade to the LIVE version of the Online program since the program doesn't have a "1099-S" entry field which is why you are getting lost.  Sometimes a DIY program is not  sufficient so seek assistance to be educated tax wise on what you are doing so you can avoid costly issues later.