I started a land flipping business in 2021. The land is purchased raw - undeveloped - and sold the exact same way. I do not have an entity and operate under my own name as of now. I've acquired several parcels making 3 total purchases. I've since sold 1 parcel for a small profit. I'm reporting that profit as income under my business.
What do I do with the remaining parcels on my taxes? Do I get to expense these in some way? Assets? Inventory? Please help
