I am a house flipper - do you have instructions on how/where I should report? Line by line.

BLDN10 — Thu, 06 Jun 2019 10:40:37 GMT

FWIW I get 1099 S from closing attys when I sell.

If flipping houses is your business, it would go on Sched...

Patrice — Thu, 06 Jun 2019 10:40:38 GMT

If flipping houses is your business, it would go on Schedule C.

If it is a one time investment, enter it on Schedule D. See What is Schedule D?

To enter this as business income:

To enter your income, scroll down to Business Income. Click Start/Update. Click Start/Update next to General Income.
To enter your business expenses, scroll down to Business Expenses, Other Common Business Expenses. Click Start/Edit.

7. Continue with the onscreen interview.

To enter your flip as investment income:

Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
Next click on “I’ll choose what I work on” (jump to full list)
Scroll down the screen until to come to the section “Investment Income”
Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) (see Screenshot #1)
The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
Since you did not receive a 1099-B, answer “no” to the 1099-B question
Select - everything else

Tell us how you acquired the property - purchased
Purchase information - This is where you will enter your cost plus the capital improvement costs.
Enter the date acquired.

Related Information: