Help with Tax form 1120S

[Jesus R.]

Here is the scenario...

S-corp LLC was established in Feb 2018 for residential real estate investing/flip.

It started with cash deposits from both managing members to purchase a single family home in Feb 2018 for $80k. The property was updated and resold in June 2018 for $150k. Then another property was purchased in December 2018 for 90K using profits from the sale of the first property. No loan, all cash.

The expenses have been divided by categories (materials, utilities, paid contractors, insurance, other outside services, etc) and listed on the 1120S using TurboTax Business.

My question is, how do I determine the Total Assets for Item F of Form 1120S?

Thanks in advance & God Bless!

[Natalie Kolodij]

Originally posted by @Jesus R.:

Here is the scenario...

S-corp LLC was established in Feb 2018 for residential real estate investing/flip.

It started with cash deposits from both managing members to purchase a single family home in Feb 2018 for $80k. The property was updated and resold in June 2018 for $150k. Then another property was purchased in December 2018 for 90K using profits from the sale of the first property. No loan, all cash.

The expenses have been divided by categories (materials, utilities, paid contractors, insurance, other outside services, etc) and listed on the 1120S using TurboTax Business.

My question is, how do I determine the Total Assets for Item F of Form 1120S?

Thanks in advance & God Bless!

Hey Jesus

May want to hire a tax pro

Most of those expenses related to that new property don't get deducted. 

You need to know how to calculate that gain. 

You need to capitalize all holding costs. 

Turbo tax  will 100% let you file this completely wrong.