https://ttlc.intuit.com/community/self-employed-group/discussion/re-flip-house/01/3086101#M11837 <P>Hi Badjiannr,</P> <P>Please call in for advice specific to your situation. From the information you have posted here, it is not clear whether you would need to record your costs as inventory, and then include the purchase price and renovations as your basis in the year of the sale.</P> Wed, 30 Aug 2023 17:04:59 GMT Tax Hero Niki 2023-08-30T17:04:59Z https://ttlc.intuit.com/community/self-employed-group/discussion/flip-house/01/3085800#M11836 <P>Hi,&nbsp;</P><P>When doing a house flip with a LLC (in Texas), do you have to declare the expenses/investment every year or only when you sell the property to calculate the value added?&nbsp;</P><P>Thanks</P> Tue, 24 Feb 2026 07:04:50 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/flip-house/01/3085800#M11836 Badjiannr 2026-02-24T07:04:50Z https://ttlc.intuit.com/community/self-employed-group/discussion/re-flip-house/01/3086101#M11837 <P>Hi Badjiannr,</P> <P>Please call in for advice specific to your situation. From the information you have posted here, it is not clear whether you would need to record your costs as inventory, and then include the purchase price and renovations as your basis in the year of the sale.</P> Wed, 30 Aug 2023 17:04:59 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-flip-house/01/3086101#M11837 Tax Hero Niki 2023-08-30T17:04:59Z