Updated about 19 hours ago on .
Most recent reply
presented by
Turbo Tax
I did one flip last year where I partnered with a rehabber. I was the money guy. We made a little bit of money and I'm trying to figure out how to file my taxes using turbo tax. The property was not in my name, if that makes a difference. It took about 5 months for the flip so I will have to file it as ordinary income. I'm wondering if I should say I sold a house. Technically I didn't sell a house, I was never on title. Any suggestions?
Most Popular Reply
@Julian Buick without trying to sound self-serving, this is one of those situations where TurboTax just doesn't cut it. You really need to work with a tax professional.
There will be plenty of questions that need answering before any advice can be given. Some of those questions are as follows:
1. Should you really be filing a Form 1065 and issuing the partners a K-1? This will depend on the technicalities of the partnership agreement and the transaction itself.
2. You're a money partner, but how were you repaid? Was it a profit split or interest?
3. How is your partner reporting his/her share of the deal?