I have 5-6 rental properties for years now, however in 2023 I decided to try my luck as a flipper. On 1/2/2023 I purchased a home and was working on it on weekends. The flip was completed, and I sold the house on 3/1/2024 (more than a year). I am now filing my 2023 taxes. Do I record the purchase and all my expenses for materials, contractors, etc. on my 2023 tax return (and then the sale on the 2024 tax return)? If so how and where do I record that on the 2023 tax return? I would need to record it on schedule C, correct? I will continue to continue to flip 1 house per year going forward.
