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jturner
New Member

I bought a home to flip in Nov 2018. We have not completed the rehab yet. I am a real estate agent and contractor. Do I report this on my 2018 taxes or wait until home?

 
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MinhT
Expert Alumni

I bought a home to flip in Nov 2018. We have not completed the rehab yet. I am a real estate agent and contractor. Do I report this on my 2018 taxes or wait until home?

If you have not yet sold the house in 2018, there is nothing to report on your 2018 tax return.

You report the sale in the year the house is sold.

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1 Reply
MinhT
Expert Alumni

I bought a home to flip in Nov 2018. We have not completed the rehab yet. I am a real estate agent and contractor. Do I report this on my 2018 taxes or wait until home?

If you have not yet sold the house in 2018, there is nothing to report on your 2018 tax return.

You report the sale in the year the house is sold.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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