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Updated about 4 years ago on . Most recent reply

User Stats

9
Posts
2
Votes
Earl Stewart Jr
  • Investor
  • chicago. il
2
Votes |
9
Posts

Filing taxes for 1st flip project bought with Scorp. Which forms?

Earl Stewart Jr
  • Investor
  • chicago. il
Posted

Purchased property in 2017 and sold in 2020. It was bought under my S-corp. I know that S-corps file 1120s but where does the sale of property go? Schedule D or Form 4797? What about the closing costs? I should include them from when I originally purchased the property as well as when I sold the property right? I just want to be sure because I got some bad advice from a CPA. I just want to ensure everything is done correctly and not have the IRS show up at my house for dinner...lol. I have 3 years worth of expenses(cost basis) to account for on this 2020 tax form. Any advice would be appreciated. Thanks

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