FLIPPING HOUSE

Forum|Forum|2 months ago
April 15, 2026
2 replies
11 views

One time only in flipping a house. Purchased in 2019 sold in 2023. (He's behind in filing taxes)

I have all the costs associated with renovations, operating expenses and utilities.

Have selling price along with those expenses.

What is the form number(s) I used for tax year 2023 to record the information.

ProSeries Basic

Best answer by BobKamman

That's not a flip, that's a Paul Masson deal. ("We will sell no house before its time.") But if he says it was done to make a quick profit after a rehab, it goes on Schedule C. Admittedly, Covid got in the way.

BobKammanAnswer

Level 15

That's not a flip, that's a Paul Masson deal. ("We will sell no house before its time.") But if he says it was done to make a quick profit after a rehab, it goes on Schedule C. Admittedly, Covid got in the way.

F

Foxy-LadyAuthor

Level 4

Nope. This was a foreclosure and really had nothing to do with Covid since he works for the utilities. So, I know it's not a schedule C

BobKamman

Level 15

If your mind was made up, why did you ask?

I

IntuitVanessa A

Level 3

If it was only a one time deal, then this would be a long term capital gains sale and go on Schedule D and form 8949. Utilities and other costs would be added to the basis of the property.

BobKamman

Level 15

Second time some "Tax Expert" has got this question wrong. There is no "free bite of the apple" a for first-time busness. Sorry there isn't a more graceful way of saying that.

Skylane

Intuit Community Champion

to make a quick profit after a rehab and

to rebuild a tear down bought at foreclosure to sell…

are just 2 verses of the same song.

Sch C

If at first you don’t succeed…..find a workaround

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded