Hello
I was flipping homes under my LLC,
Houses I sold the same year the income and expences were reported on sch.C
Houses i did not sell were reported as an Inventory and cary over fir next year's Inventory but expenses related to that house not sold were reported on schC the same year.
Next year, i statred with inventory of that house not sold from last year.
I did renovation but did not sell the house but i had to pay taxes on my inventory as a income. Is this correct.?
Every year i carry over the inventory its treated as income....i dont think it is correc?
