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Tax treatment of loss on spec home construction and sale?
Hi! With a partner, we built a spec home in 2018/2019 and ended up selling earlier this year for about a $20,000 loss. How do we account for the loss on our taxes and K-1s? All three partners were actively involved in the project, either building or handling the banking/accounting/bookkeeping. I'd like to do our own taxes and hoping it's fairly straightforward. Thank you!
‎December 1, 2020
8:35 PM