Tax Strategies for House Flippers

[Cyndi Hardman]

Hello follow real estate investors.  September 15th is approaching and I am finally getting around to filing my 1065 for my partnership of house flipping.  I have never filed for a real estate business of just flipping.  Our activities for 2016 consisted of two joint ventures.  The property owners held the properties in their names, we rehabbed and made the house payments during our rehab time.  Both properties closed in 2017, so no income for 2016.

How do I best construct my 1065? Is it all costs of business?  Do I need to consider cost of goods? Help?