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flipping a house?
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mcd1231
Level 4
10-12-2021
11:56 AM
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My clients are not house flippers but when the right opportunity arose to buy a house for a really good price, they jumped on it. They purchased a run down house and renovated it. It took over 2 years to renovate it and then they sold it at a profit. Since they are not flippers and do not intend to do it again, will I report this sale on Schedule D and not C on their 2021 taxes? ( just trying to stay ahead of the game here)
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Just-Lisa-Now-
Level 15
10-12-2021
12:19 PM
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Sch D
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
