CAPTURING EXPENSES FROM LAST YEAR FOR FLIP PROPERTY

[T SCHNEIDER]

Should I be entering expenses (travel cost, flooring, paint, tree removal, etc.) in my 2023 LLC Tax Filing or do I wait until I sell the property in 2024?

This is my first FLIP as my other properties are rental properties.  This FLIP will not ever be rented.

[MarilynG1]

Yes, all expenses relating to your investment home are added to the Cost Basis when reporting the Sale of the Investment.

Here's more info on Reporting for Flip Home Investment.