Deductions & credits

You can report it as an investment sale if held for personal reasons.

1. Go to federal
2. Wages and income
3. Investment Income
4. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’  
5. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
6. Since you did not receive a 1099-B, answer “no” to the 1099-B question
7. Choose type of investment you sold - select everything else
8. What type of investment other
9. How did you receive the investment. Choose the appropriate answer
10. On what did did you receive this investment.  The date of purchase of the flipped home.
11. Some basic information:
    1. Description –  Usually the address of the property sold
    2. Sales Proceeds –  The amount you received for the sale
    3. Date Sold – Date you sold the property
    4. Cost or other basis  (This is where you put the purchase price of the home)

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