i don't think your answer is correct on those "in the business". the irs just sent me a letter stating i didn't report all my 1099S because there was no way for me to list them all out on schedule C. I flipped multiple properties, took the total resale values MINUS total purchase price, and ended up with gross revenue. since the gross revenue matched NOTHING they had, they added tons of 1099s to my total income which was total sales price even before loan payoffs. this is a mess!
