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WHERE DO I REPORT THE GAIN FROM FLIPPING A HOUSE THAT WAS A CAPITAL ASSET?

john_twarogal
Level 1
 
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George4Tacks
Level 15

Probably on Schedule C. Remember that YOU used the word FLIPPING. 


ex-AllStar

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john_twarogal
Level 1
Yes if they are in the business of flipping.  But is it is only one instance is not considered to a be an investment in a capital asset and reported as such?
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George4Tacks
Level 15

Probably on Schedule C. Remember that YOU used the word FLIPPING. 


ex-AllStar

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abctax55
Level 15

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?

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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CL44
Level 1

can you elaborate on reporting sale of several "flipped"  house on schedule c?

 

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TaxGuyBill
Level 15

@CL44 wrote:

can you elaborate on reporting sale of several "flipped"  house on schedule c?

 


See your main post:

https://proconnect.intuit.com/community/tax-talk/discussion/flipping-houses/01/166240