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I'm a house flipper but my home won't sell till next year but I 1099-nec my subs so I deduct that contractor labor expense this year or next?
I understand cost of goods sold but how does all that lump expense factor next year if I show $0 income but $16k in 1099 nec this year. Do I just add that labor when I sell or still put in subcontractor non-employee labor work this year? (with eiled 1099s)
‎February 11, 2025
8:05 PM