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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.
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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