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

[BLDN10]

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

[Patrice · Accepted solution]

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:

1. Type "Schedule C"  in the search/find bar and click search/find.
2. Click on Jump to Schedule  C.
3. Click on start/edit or Add Another Business.
4. At the Your XXX Business screen:

• 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:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on” (jump to full list)
4. Scroll down the screen until to come to the section “Investment Income”
5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) (see Screenshot #1)
6. 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)
7. Since you did not receive a 1099-B, answer “no” to the 1099-B question
8. Select - everything else

1. Some basic information:
1. Description –  Usually the address of the property sold
2. Sales Proceeds – Net proceeds from the sale 
3. Date Sold – Date you sold the property
2. Tell us how you acquired the property - purchased
3. Purchase information - This is where you will enter your cost plus the capital improvement costs.
4. Enter the date acquired.

Related Information:

• Is the money I made from a home sale taxable?
• Where do I enter Form 1099-S?
• I sold my rental property. How do I report that?