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helenliv
Returning Member

Sale of Capital Asset (investment home), where are business expenses reported?

I sold an investment home.  Other than recording proceeds, cost basis, adjustments (closing costs and realtor fees), where do I record the business expenses of my personal vehicle mileage to and from home when "flipping it" (i.e. repairs) and the toll fees?

 

I have looked at form 8949 and there's a single adjustment column which currently reflects my closing costs and the realtor fees.  But, again, I am wanting to know where to record the vehicle mileage and toll fees? 

 

-- Should this also be reflected in the adjustments on 8949 ...OR

-- Should I enter a business for the house flipping and record the expenses of the mileage and toll fees there?

 

Thanks,

Helen

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1 Reply
jtax
Level 10

Sale of Capital Asset (investment home), where are business expenses reported?

It depends. See if these detailed prior discussions in this volunteer forum give you the info you need. If not ask again.

 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/purchased-investment-home-to-fli...

 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/how-do-i-record-the-sale-of-a-ho...

 

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