turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bobojacob
New Member

Where do I put my sale of a flipped home if I don't have an official business, LLC, etc?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
MinhT
Expert Alumni

Where do I put my sale of a flipped home if I don't have an official business, LLC, etc?

The sale of a flipped home is reported as self-employed income on your personal tax return on Schedule C.

The sale price is reported as income. The cost of the home plus improvements you have paid is reported as Cost of Goods sold. You can also deduct any other related expenses such as property taxes, interest, advertising, brokers' commissions, etc...

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
bobojacob
New Member

Where do I put my sale of a flipped home if I don't have an official business, LLC, etc?

But then when do you report this is a capital gain asset versus putting it as self-employment on Schedule C?
MinhT
Expert Alumni

Where do I put my sale of a flipped home if I don't have an official business, LLC, etc?

When you flip a house, the profit/loss is taxed as ordinary income and is reported on Schedule C as a business. Capital gains/losses only apply to rental homes or homes held for investment.
<a rel="nofollow" target="_blank" href="https://fitsmallbusiness.com/taxes-on-flipping-houses/">https://fitsmallbusiness.com/taxes-on-flippi...>
Hope that this helps!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies