Does the purchase price of a house that you flipped get reported as inventory under cost of goods sold?

woodsd_1 · ‎June 1, 2019

MinhT · ‎June 1, 2019

Yes, when you flip houses, your activity is reported on Schedule C and the purchase price of a house plus all improvements you paid is reported as Purchases (or Inventory if the house was bought in a previous year) under Costs of Goods sold.

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MinhT · ‎June 1, 2019

Yes, when you flip houses, your activity is reported on Schedule C and the purchase price of a house plus all improvements you paid is reported as Purchases (or Inventory if the house was bought in a previous year) under Costs of Goods sold.

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Does the purchase price of a house that you flipped get reported as inventory under cost of goods sold?