All Forum Posts by: Ruth Prado

I've heard differing ways on reporting flipped home sales. The LLC flipped 2 homes in < 1 yr and 2 homes > year. Partnership is dissolving. Do you record sale using 1065 form 4797 capital gains/ losses, show prop as investment asset? Or bkz this is the nature of this LLC use this approach show Ordinary income for sale exp prop cost COS . Also record ordinary income for short time rental income received before sale of prop/ Show assets as Current assets until sold? Thoughts?

Thanks for your input!