Solved
I am a LLC general contractor and I built and sold 5 spec homes in 2018. I received a 1099-S for them but they listed my personal name and SSN where should I report
No text available
Yes, everything goes on your schedule C. The sale amount(s) goes as income (line 1, gross receipts or sales).
The cost of the lots and construction costs go on line 4 as Cost of Goods sold (COGS).
You enter your COGS from your own accounting records (or you can use Part III, inventory, at your option).
You do not enter the 1099-S, per se. But be sure you have your own back up accounting, in case of an IRS inquiry
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
