All Forum Posts by: Carter Lance

What is the correct way to report income generated from the sale of a flip home reported on a partnership 1065 return? Since the gains are short term capital gains and will be treated as ordinary income, should the sales transactions be reported on Sch D Part I for short term capital gains held less than one year? I know that it can be argued that if flipping homes is the only business activity in the company that the homes purchased and sold could be treated as inventory and activity would be reported on page 1 of the 1065. If anyone has experience in how the IRS would prefer to see this activity reported I would love to hear your feedback. 

Thanks,

Carter Lance

Thanks for the input John. I found a recommendation on another thread for REIguard.com. I have called them and am setting up a quote. We will see what it looks like.  

I purchased a property this week that we plan to flip. The insurance companies that I have called to insure the home will not write the policy because of the condition of the home. I am looking for recommendations on an insurance company that is willing to write a policy on a home that has not yet been restored. Any advice would be greatly appreciated. 

Thanks,

Carter 

Thanks, I will check them out!

I have my first house under contract and am currently in the middle of inspections. I am looking for recommendations on a good plumber that is reasonable priced. Any referrals for the Tulsa area would be appreciated.

I am looking at making an offer on a house that was built in the late 1950's and suspect that some of the flooring and ceiling tiles might have asbestos. What is the best way to find out if there is in fact asbestos in the house during inspections without being able to rip up floors etc.?

I am just getting started in the Tulsa, Oklahoma area and would love to get recommendation on a quality contractor. I know this can be the hardest to find. Any reccommendations or references would be greatly appreciated. I know I have heard Josh and Brandon talk about going to Lowes or Home Depot at 7a.m. on a week day to see who is there ready to start the day early. I am willing to try that but was hoping to get a reference for somebody that someone has used in the past and been happy with.

Thanks in advance.

Carter Lance