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House flipping reporting

MarkL
Level 2

Hello,

I can't seem to figure out how to report sales from house flipping, buying a house, fixing it and reselling it. not sale of personal home.

It used to be on Sch D, but that seems to have entry for stock sales using the 1009-B entry option, 8649 is not editable to flow to the Sch D. 

If I enter it on 1099-B it shows up as 8649 box F checked, it was not reported on any thing received at closing.

Suggestions?

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4 Comments 4
garman22
Level 13
Level 13

Flipping denotes multiple and sounds like a business as opposed to a one off. 

George4Tacks
Level 15

It should be reported on Schedule C. 


Here's wishing you many Happy Returns
Just-Lisa-Now-
Level 15
Level 15

Sch C, houses and improvements are all part of inventory until the house is sold.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
MarkL
Level 2

It's 2, even then would it matter if it was real property of a widget? still should be report somewhere