income taxes Posted February 17, 2008 Report Posted February 17, 2008 Client is small construction Sch C. Built house in 06/01/2006 and sold it 04/30/2007. Gain of 144000. Is it short term gain on 4797? He received 1099S from title co. Thanks for any help in advance Quote
kcjenkins Posted February 17, 2008 Report Posted February 17, 2008 No, it would be either Sch D, if this is the only time he did this, and built it as an investment, not part of his normal business activity. Or it might need to go on his Sch C, if this is a regular part of his business. But unless it was used in his business, it would not go on the 4797. Quote
income taxes Posted February 17, 2008 Author Report Posted February 17, 2008 This is last year he will build a house due to the econemy. The fact he received a 1099S instead of a 1099m as in previous years has thrown me. Quote
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