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Updated almost 6 years ago,

User Stats

255
Posts
126
Votes
Maugno M.
  • Flipper / Landlord
  • Tyler, TX
126
Votes |
255
Posts

House Flips are suppose to go where on tax returns? SE or CapGain

Maugno M.
  • Flipper / Landlord
  • Tyler, TX
Posted

Evening BP,

Time for us procrastinators to start doing our taxes ! I have tried to reach out to several CPA'S and of course are all booked to take me on. So will probably stick to using Turbo Tax like ive done several years. If I want to report the income I made from house flips, where should I report it ? Turbo tax is telling me to put it on a schedule C under just self employment. Should I instead list under investments or cap gains ? Short term gains nothing I hold over a year. 

Also, I opened up two LLC's last year toward the end of the year. My flipping LLC has been dormant, I deposited some money to the bank account and purchased properties. But they carried over to 2019 and I still have yet to sell those. DO I have to report even though I don't have profits in 2018?
I also have a rental LLC where I have my holdings. I put November and Decembers rents in that LLC. I suppose that one I should report as income ?

Any feedback is much appreciated. Like I said, I know I need a CPA, so I don't need to hear that again lol. 

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