Bought Flips, Paid For Flips 2019
Hi Tax pros and experienced tax filers! In 2019 I bought a flip house, and spent all of 2019 and now 2020 working on it and 4 other properties I bought in 2017 and 2018. So 2019 has big a gigantic loss. I'm a contractor, but left CA and my workflow to go full time REI.
My question is on how one might file taxes this year in light of 2020 tax filings. I plan to sell all my properties this year. Should I be self employed as a real estate business owner? I’m having a hard time figuring out how to correctly show my real estate losses in 2019 as far as my expenses go, and then use those losses in 2020 to offset my capital gains. Any suggestions on best ways to file under these circumstances?
Thank you!!