bought and flipped in 2009, sold in 2010, how to file taxes?
I bought the property in late 2009, hired and paid a contractor to do renovation in 2009, the property is to be sold in 2010. The contractor is asking me for a 1099 for 2009, but what should I do with the 1099? I want to deduct that amount when I sell the property which is late this month, how should I proceed with that? Should I just ask for a paid in full invoice from the contractor, and give him a 1099 for 2009, but do nothing with that 1099 in my 2009 tax return, and wait until 2010 to deduct theose expenses with the invoice I received from the contractor? Thanks very much.