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Ross Roz
  • Silver Spring, MD
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How to report taxes when Flipping homes under a business entity

Ross Roz
  • Silver Spring, MD
Posted Jun 8 2017, 15:17

I have an LLC partnership with a total of 3 members that was open so we could flip some houses. We bought 2 properties under the business name, paid cash for them in 2016 have not sold any yet, We have spent money to rehab both of them, however I am not sure where to report the expenses for rehab and the cost of the homes on form 1065?

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