@Critter-3 I am making a mock partnership (LLC) return using TT Business 2019. I will enter my gross sales proceeds from this home (totaling $442,000) as Business Income - Product Sales in the Income screen, then enter the capitalized costs of this home (totaling $462,000) as Cost of Goods Sold in the Your Deductions screen. I'll also reconcile the Schedule L and answer the various questions, but we should not need to detail out anything under the Compensation and Benefits on the Your Deductions screen as we had no payroll and 1099s for outside contractors were issued in either 2019 or 2018 (home was completed in 2019 and sat for about 6 months prior to selling in March 2020). We have a small state license annual fee of $50 which will go under the Business Expenses - Taxes and Licenses (as this is for the LLC, not only for the spec house), but nothing else that isn't already capitalized in the $462,000 noted above. The capitalized costs include the realtor commission, interest paid on the underlying construction note, as well as all of the materials, labor, etc.; therefore, I don't have to detail them elsewhere, correct?
I am just wanting to clarify that these screens are the appropriate place to enter these items.
Thank you!
