abctax55
Level 15
12-07-2019
03:14 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
YOU need to determine what the intent was....and using "flipping" and capital asset to describe the same transaction is confusing.
ONE time, with no intent to do it again = probably a capital gain/Sch D
One time, with the intent to do it again & again = Sch C.
Does your client have a contractors license? Does your client have a full-time job?
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
