Should this be listed as a business?

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  • Therrell123
    Junior Member
    • Mar 2007
    • 10
    #1

    Should this be listed as a business?

    Ths person brought a house fixed it up and sold it . This is his first time . He received a 1099s. Therrell
    Tags: None
    • taxmom34
      Senior Member
      • Nov 2008
      • 732
      #2
      that's called " flipping a house". and there is usually a gain on the sale. Need to ask more questions on flipping houses.

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        • TaxGuyBill
          Senior Member
          • Oct 2013
          • 2321
          #3
          Originally posted by Therrell123
          This is his first time .
          Does that imply there will be more times?

          You need to know if this is going to be a continuous thing (which would likely classify it as a business), or if it is a random, seldom occurring (or one time only) thing.

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