New Real estate Flipper with Schedule C - Am I at a benefit to using LOWER OF COST OR MARKET METHOD (LCM) or COST

[speedway121]

PLEASE - ONLY CPA's OR ACTUAL TAX EXPERTS. 

New to real estate flipping , I flipped a home in 2020. 

I have the option of choosing LCM or cost method on 2020 return. Must use it thereafter on all returns.

WHICH is best for real estate flippers? and why?

[M-MTax]

If you are good at this or expect to be, you do not want to use LCM. That's for businesses that have old, stale, obsolete inventory......tons of writedowns. Use cost.