IRonMaN
Level 15
The reporting depends on how often you do it.  If you flip one house in ten years, you have a capital gain.  If you are in the business of flipping on a regular basis, it is ordinary income and goes on a schedule C.  The costs get added to the basis.
ACME Taxes, Tattoos, Tires and Tasmanian Devils - one free devil with every return.
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