Purchased house 2014 for flip resale. In 2014 & 2015 wrote off utilites, taxes on Schedule C. Sold 2016. Should the 2016 1099-S be entered on Schedule C or Investment p?

[kwool101112]

Puchased to start a business, but determined will not be purchasing another property. Do I need to continue with the sale of the property on Schedule C or under Investment Property? and if Investment Property what do I do about the 2014 and 2015 Schedule C expenses?

[ErinS · Accepted solution]

Hi kwool101112,

Your 1099-S form will be handled on a Schedule D (Capital Gains and Losses) for 2016.  If you need to amend a prior year tax return for 2014 and/or 2015, click or tap a tax year for specific amending instructions.

• 2016
• 2015
• 2014
• 2013

Best,

TTerinS