Do I document a one-time flip as investment income, selecting the "everything else" button?

tmoon — Sat, 01 Jun 2019 07:01:43 GMT

I bought and sold (flipped) a house in 2016. It was a one-time deal, there will be no more flips. It was not my main home nor a vacation home. From what I read, I document the gain as investment income and select the "everything else" button on the "choose the type of investment you sold" screen then just follow the prompts on the following screens. Is that correct?"

Yes, this transaction may be reported as an Investment Sa...

PatriciaV — Sat, 01 Jun 2019 07:01:45 GMT

Yes, this transaction may be reported as an Investment Sale, if you are not in the business of flipping houses and/or the property was not used for business or rental in prior years.

The easiest way to find this section of TurboTax is to use the Find/Search box at the top right side of the TurboTax header. Click on the magnifying glass, type "investment sales", hit Enter, and click the "jump to" link to go directly to beginning of that topic.

If none of the types of sales listed fits your situation, use "Everything Else."

As you enter the information for your sale, take note of the blue links (like "Learn More") for specific help on that entry (see screenshot below - click to enlarge).

You may report a gain or loss on the sale of an investment.

topic Do I document a one-time flip as investment income, selecting the "everything else" button? in Get your taxes done using TurboTax

Do I document a one-time flip as investment income, selecting the "everything else" button?

Yes, this transaction may be reported as an Investment Sa...