H&R Block for flip income?

[Sorin T]

Hi,

This is a tax question for flippers out there. Is HR Block premium a good tax program to capture flip income? If so, under which category do I report it?

My 1st year reporting flip income (had rentals before) and always done taxes by myself, used HR Block, started taxes this year and unsure where flip income should be reported. What's even more confusing, flip property was bought in 2011 but sold in 2012 so I'm only reporting that income now.

I also welcome any REI experienced CPA recommendations in Greater Denver area.

Thanks in advance

[Bill Walston]

Originally posted by Stanley Crawford:

The software has a Sold a Home section fill that out.

Stanley, I would be willing to bet that the "sold a home" section refers to the selling of a personal residence. This is definitely NOT where you would report income from flipping homes. Income from 'flips' is considered earned income and would be reported on Schedule C. In addition to the income tax you will owe self-employment tax on the net income from your flips.