turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

shellyk23
New Member

I have a renovation company. We bought a flip house and it has not sold as of December 2018. Can I roll over the expenses for the job over to 2019 taxes?

We did only $6,000 in profits this year because we didn't finish the home by the end of the year and we didn't sell it yet.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

I have a renovation company. We bought a flip house and it has not sold as of December 2018. Can I roll over the expenses for the job over to 2019 taxes?

Yes, and the expenses incurred should not be deducted until the year of the sale.

When you flip a home as a business, the cost of the home and all costs to renovate it should be listed under Purchases in the Cost of Good Sold area, and then listed in the ending inventory (until the year it is sold).

Then the year the flipped home is sold, it is offset against the income as Cost of Goods Sold (COGS).

View solution in original post

1 Reply

I have a renovation company. We bought a flip house and it has not sold as of December 2018. Can I roll over the expenses for the job over to 2019 taxes?

Yes, and the expenses incurred should not be deducted until the year of the sale.

When you flip a home as a business, the cost of the home and all costs to renovate it should be listed under Purchases in the Cost of Good Sold area, and then listed in the ending inventory (until the year it is sold).

Then the year the flipped home is sold, it is offset against the income as Cost of Goods Sold (COGS).

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies