Built a house with a partner in 1016 and flipped it in 2018 for a loss. Loss split 60/40. Where and how do I report the loss on my tax return. I'm an LLC

434

Returning Member

Jun 1, 2019 8:18:04 AM

Does the original cost of the house (before renovation cost) reported as inventory under cost of goods sold?

New Member

Jun 1, 2019 8:18:06 AM

I couldn't answer this any better than DeeS did. The information is still current. If you are doing this as part of the LLC, it will be on your Schedule C.

If you have other questions about this, ask in the comment section below.

https://ttlc.intuit.com/replies/5188228

Level 15

Jun 1, 2019 8:18:07 AM

"Built a house with a partner"
Wouldn't they first have to file a partnership return (including for prior years)?

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Built a house with a partner in 1016 and flipped it in 2018 for a loss. Loss split 60/40. Where and how do I report the loss on my tax return. I'm an LLC