Updated over 5 years ago on . Most recent reply
After Flipping taxes
Hello everyone,
So i finished the flip and closed the transaction in 2020 while i started the flip in 2019. Now the property is sold, i want to dissolve the LLC.
How should i go about it? Also, how should i report 2019 taxes? Should it be $0 as the flip was in progress OR should it be negative 40k that was spent in 2019 while it was being rehabbed?
Please advise.