Flip 2 rental tax questn

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Flip 2 rental tax questn (by Dave [CA]) Jan 19, 2018 2:17 PM

Flip 2 rental tax questn (by Eddie [KY]) Jan 23, 2018 11:53 AM

Flip 2 rental tax questn (by Dave [CA]) Jan 25, 2018 7:48 PM

Flip 2 rental tax questn (by Dave [CA]) Posted on: Jan 19, 2018 2:17 PM
Message:

I've been flipping property for a few years reporting the gains on IRS Schedule C. I have one property that I purchased in 2016 that I decided to convert to a rental in 2017. So it's listed as inventory on my 2016 Schedule C. Going forward I assume I will report the rental income on Schedule E. So hoping someone can tell me how to remove it as inventory on Sch C. Can I just report a lower inventory and for the explanation say that it was converted to a rental property? Thanks. --99.17.x.xxx

Flip 2 rental tax questn (by Eddie [KY]) Posted on: Jan 23, 2018 11:53 AM
Message:

why didn't you show the flips as either a short term or long term gain instead of schedule c?

--66.117.xxx.xx

Flip 2 rental tax questn (by Dave [CA]) Posted on: Jan 25, 2018 7:48 PM
Message:

I guess since I was flipping 2 to 3 houses a year I figured the IRS would consider it a business. --99.17.x.xxx

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Flip 2 rental tax questn

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