topic We bought and sold a home this year, as a flip. what documents will we receive, how do we claim this? we have all our records in Deductions & credits

We bought and sold a home this year, as a flip. what documents will we receive, how do we claim this? we have all our records

MJ92 — Mon, 07 Dec 2020 14:08:50 GMT

purchase and sale were both in 2020. made a profit

Re: We bought and sold a home this year, as a flip. what documents will we receive, how do we claim this? we have all our records

DoninGA — Mon, 07 Dec 2020 14:14:12 GMT

You should receive a Form 1099-S at the time of closing that reports the sale to the IRS. The sale is reported as an investment sale on your tax return.

If using the TurboTax online editions you will need the Premier edition to report the sale. If using the TurboTax desktop CD/Download editions, any edition can be used.

Re: We bought and sold a home this year, as a flip. what documents will we receive, how do we claim this? we have all our records

Hal_Al — Mon, 07 Dec 2020 15:45:33 GMT

Most likely, you report it as a business profit on Schedule C. Alternatively, you report it as a capital gain on form 8949 and Schedule D.

For more info, on making that determination, see a similar question at: https://ttlc.intuit.com/questions/3399983-tax-issues-regarding-flipping-of-a-house

https://ttlc.intuit.com/questions/3399983-tax-issues-regarding-flipping-of-a-house

And references at:

https://www.hrblock.com/tax-center/income/real-estate/flipping-houses-taxes/

https://fitsmallbusiness.com/taxes-on-flipping-houses/ https://www.lendinghome.com/blog/how-to-maximize-house-flipping-tax-benefits/