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intpts
March 19, 2022
Question

Flip a house

  • March 19, 2022
  • 1 reply
  • 0 views

My son and I bought a house to flip (Big Mistake for us). Took 2 years to redo and sell. What Turbo Tax product do we use to file?

    1 reply

    M
    Mike9241
    March 19, 2022

    should have filed a partnership return probably starting with the year you acquired the property and every year thereafter including the year sold.  you may want to consult a tax pro. you could face penalties of around $5,000 for each year you failed to file. though a pro would likely request a waiver of the penalties. it's up to the iRS but they're usually waived for first-time noncompliant filers.

     

     

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