Flipping homes

[Chevyman0926]

When you flip homes as a business do you add it to the SCH C or do you add it to sch d on the home sales? 

[Mike9241 · Accepted solution]

please see these blogs

https://activerain.com/blogsview/5720593/flipping-houses-gains-is-it-capital-gain-or-ordinary-income... 

https://www.hrblock.com/tax-center/income/real-estate/flipping-houses-taxes/ 

[Chevyman0926]

I have a LLC, I used it to purchase the house and sell it. Should I used the SCh C portion or the SCh D. 

[Critter-3 · Accepted solution]

If this is a single member LLC that did not incorporate  and you are in the business of flipping homes it goes on the Sch C. 

[Chevyman0926]

okay so the home sales are only for my personal under my name sales. This was so confusing. Thank you guys for the help. 

[Critter-3 · Accepted solution]

If you just did ONE flip and are not doing more then it is a Sch D entry otherwise if you do more than one and are doing this to "make a living" then it goes on a Sch C ... please read the info in the links previously posted, talk to a tax pro face to face  and/or do some more reaseach on your own.