We bought a house, didn't move in; Bought a second house; We then sold the first house but after making some improvements and repairs; Should this be reported anywhere?

[MargaretL · Accepted solution]

Yes, you have to report it... But you also have to consider your intent... if you do it regularly, then you are in the business of "flipping houses", the income is ordinary income and you must file Schedule C as if you self- employed. Otherwise, the sale can be reported as investment sale:

1. Federal Taxes 
2. Wages & Income
3. Scroll down to Investment Income
4. Select Stocks, Mutual Funds, Bonds, Other – indicate that you have not received form 1099-B and continue through the interview.