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Level 1
posted Sep 13, 2019 5:52:00 AM

LLC taxed as S corp (1120S) where to enter house flipping purchase price, sale price, and expenses?

Dear Sir/Madam,

For LLC taxed as S corp (1120S), 

where do I enter house flipping purchase price, sale price, and expenses?

I am using TurboTax Business.

This is my First flip (purchased and sold in the same year, which is 2018).

It should not be on the "Rental Real Estate" tab, right?

Is it "Income" tab --> Business Income -->Product sale?

 

Thank you very much for your guidance!

 

Bob

 

0 6 3518
6 Replies
Level 15
Sep 13, 2019 6:14:01 AM

In a business of flipping houses the house is considered inventory and is entered in the COG (cost of goods sold) section. 

Level 15
Sep 13, 2019 6:14:43 AM

Sale price is simply income. 

Level 1
Sep 13, 2019 7:01:50 AM

So, it is in

 "Income" tab --> Business Income -->Product sale?

 

Thanks!

Level 1
Sep 13, 2019 7:09:15 AM

Critter,

Thank you very much for your replies.

Where do I get started in TurboTax Business 2018?

Where to put income?  Where to put expenses?

 

Thank you very much!

 

Level 1
Sep 13, 2019 8:58:33 AM

I got it. Business Info has to set COGS to yes.

Level 15
Sep 14, 2019 2:16:49 PM

Some information just to help out a bit.

Since you're using the desktop version (because that's the only version you can get for TurboTax Business) feel free to do as many run-throughs with the program as you like and don't worry about it if you screw things up the first three, four, or five times. It's part of the learning process and you don't learn anything by doing it "perfect" the first time. When things get bad and you would like to start over, just delete the .tax2018 file in the documents/turbotax directory. Then when you fire up the program it's "AS IF" you just installed the program and are starting it for the very first time.

Ninety percent of what I know about the program is what not to do - and I didn't learn it by not doing it.