Hi Vanessa
No, I flip houses as inventory, but I also do rentals, and home improvement all separate entities. Typically when I'm doing my 1099s that year I have sold some property so I deduct all the expenses in cost of goods sold whereas this year is where I started the flip remodel in 2024 but it will be finished and sold in 2025.
So what I want to know is it just a carry over loss if for X company I didn't sell a house but I did show I efiled 3 1099-nec and posted contract labor expense and will that be deducted still when I put that house as inventory subtracting all my expenses that went with it.
