S-corp tax filing for uber and flipping house(3 years held)

[Earl Stewart Jr]

I have a single member LLC that is taxed as a S-Corp in which I flip homes and drive for Uber. I purchased a property in 2017 and finally sold it in 2020. I sold it for less than what I bought it for. I have filed the 1120s each year but I never included the expenses and writes offs for the property. The 1120s just reflects the income and deductions for Uber. Now, that the property is sold, I am aware that I need to figure out my cost basis and account for all the property's expenses, closing costs, etc. A previous CPA told me to not write off any expenses for the property until it was sold because it would help offset the capital gain from the sale. Except, it's a capital loss for me. Now, I have 2017-2020's expenses to account for on this year's taxes. The property was sold for $60,000 less than the purchase price. My situation is sort of complicated because of everything that has happened. The CPA who I was using did some bad stuff so I am just trying to figure out this dilemma the best I can. Thanks

Do I still need to account for cost basis even though I sold the property for less?

[Michael Plaks]

@Earl Stewart Jr

If your CPA messed up your prior tax returns (I don't know if he did, just working off of your statement) - then you need to find a good accountant instead of trying to DIY it and probably make it worse.

Yes, you need to take your selling price and subtract all costs for the 3 years. This calculation is not as simple as it sound though. The correct result may not be the $60k that you figured.

I also see no point in an S-corporation for a typical Uber driver. Again, I would not DIY this.