Bought house in 2017 and sold in 2018. Assume I am considered a dealer since flipping houses is why we formed the LLC. thinking this is ordinary income for the LLC to be distributed to the 2 members but want to make sure. Believe the $3K given to the investor is an expense for the LLC (what kind of expense?) and income for the investor. Should I have provided a 1099 to the investor for $3K?
