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Updated over 6 years ago on . Most recent reply
Dealer vs. investor for tax filings?
Hey,
So I flip homes and have rentals. Question is should my tax returns for my LLC file me as a dealer or investor?
Real estate is not my primary source of income and I do not do any of the work myself. I simply find and finance the properties and assist in sourcing the remodel to sub contractors.
My 2017 tax returns were just filed and I was filed as a dealer, but another accountant states I should’ve been filed as an investor. He also states that I should not amend the return because it will likely trigger an audit.
Can anyone provide any insight?