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Level 2
posted Aug 30, 2023 9:06:48 AM

Flip house

Hi, 

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? 

Thanks

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1 Replies
Employee Tax Expert
Aug 30, 2023 10:04:59 AM

Hi Badjiannr,

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.