Question
A flip from an LLC
Background:
I bought a distressed house in 2019 that I contracted a third party to do the rehab, those funds were paid from my personal account.
In 2020, I opened a passthrough LLC and I opened a bank account under the LLC name. A few weeks later I transferred the house to the LLC and then sold the house at a substantial profit, the funds were deposited into the LLC bank account.
A few weeks later, I purchased another distressed house and a truck using the funds from the sale.
The truck was purchased exclusively for business use (for hauling things that don't fit in my car)
in 2021 the last house is now a rental.
How do I report this on my 2020 taxes?
