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March 14, 2024
Question

CAPTURING EXPENSES FROM LAST YEAR FOR FLIP PROPERTY

  • March 14, 2024
  • 1 reply
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Should I be entering expenses (travel cost, flooring, paint, tree removal, etc.) in my 2023 LLC Tax Filing or do I wait until I sell the property in 2024?

This is my first FLIP as my other properties are rental properties.  This FLIP will not ever be rented.

    1 reply

    March 14, 2024

    Yes, all expenses relating to your investment home are added to the Cost Basis when reporting the Sale of the Investment.

     

    Here's more info on Reporting for Flip Home Investment.