We bought and sold a home this year, as a flip. wh...
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Level 1

We bought and sold a home this year, as a flip. what documents will we receive, how do we claim this? we have all our records

purchase and sale were both in 2020. made a profit
2 Replies
Level 15

We bought and sold a home this year, as a flip. what documents will we receive, how do we claim this? we have all our records

You should receive a Form 1099-S at the time of closing that reports the sale to the IRS.  The sale is reported as an investment sale on your tax return.

If using the TurboTax online editions you will need the Premier edition to report the sale.  If using the TurboTax desktop CD/Download editions, any edition can be used.

 

 

Level 15

We bought and sold a home this year, as a flip. what documents will we receive, how do we claim this? we have all our records

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

 

For more info, on making that determination, see a similar question at: https://ttlc.intuit.com/questions/3399983-tax-issues-regarding-flipping-of-a-house 

https://ttlc.intuit.com/questions/3399983-tax-issues-regarding-flipping-of-a-house 

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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