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tom-stoner3
New Member

I bought property, built a house and sold it, where do I show that on my tax return

 
2 Replies
DoninGA
Level 15

I bought property, built a house and sold it, where do I show that on my tax return

You are using one of the TurboTax Live editions.

See this TurboTax support FAQ for how to contact a tax expert using the Live editions - https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbota...

Hal_Al
Level 15

I bought property, built a house and sold it, where do I show that on my tax return

Most likely, you report it as  a capital gain on form 8949 and Schedule D.   Alternatively, you report it as a  business profit on Schedule C. 

 

For more info, in making that determination, see a similar question at: https://ttlc.intuit.com/questions/3399983-tax-issues-regarding-flipping-of-a-house . The thread is about flipping houses, but would be applicable to building houses too. 

And references at:

https://www.hrblock.com/tax-center/income/real-estate/flipping-houses-taxes/

https://fitsmallbusiness.com/taxes-on-flipping-houses/  https://www.lendinghome.com/blog/how-to-maximize-house-flipping-tax-benefits/

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