Purchased house 2014 for flip resale. In 2014 & 2015 wrote off utilites, taxes on Schedule C. Sold 2016. Should the 2016 1099-S be entered on Schedule C or Investment p?

kwool101112 · ‎June 3, 2019

Puchased to start a business, but determined will not be purchasing another property. Do I need to continue with the sale of the property on Schedule C or under Investment Property? and if Investment Property what do I do about the 2014 and 2015 Schedule C expenses?

ErinS · ‎June 3, 2019

Hi kwool101112,

Your 1099-S form will be handled on a Schedule D (Capital Gains and Losses) for 2016. If you need to amend a prior year tax return for 2014 and/or 2015, click or tap a tax year for specific amending instructions.

Best,

TTerinS

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Purchased house 2014 for flip resale. In 2014 &amp; 2015 wrote off utilites, taxes on Schedule C. Sold 2016. Should the 2016 1099-S be entered on Schedule C or Investment p?

Deductions & credits

Purchased house 2014 for flip resale. In 2014 & 2015 wrote off utilites, taxes on Schedule C. Sold 2016. Should the 2016 1099-S be entered on Schedule C or Investment p?