Reporting a property sold

[ILLMAS]

TP is a real estate agent and owns/rents multiple properties, TP acquired a property in 2016 was planning to convert it into a rental property,  someone made him an offer and he took it.  Would this be reported on Sch D (short-term), Sch C (inventory) or even on 4797?  TP is not into the business of flipping houses, but you can say it's a one time flip.

Thanks
 

MAS

[Gail in Virginia]

As long as he never depreciated the property, I think I would just go with Sch D

[ILLMAS]

No depreciation, however it did require major improvements which I am going to add to the cost basis.

Thanks