Urgent flipping house Tax question
I have a LLC and the only income is from a flipping house sold under the LLC. I have three numbers for the transaction I may enter as business income:
1. Sale Price of the house
2. Net Amount on the transaction in Hud 1 (Sale price - commission - seller paid closing cost)
3. Net profit of the transaction (Sale Price - purchase price - renovation cost - all other related expensis)
I did not receive any 1099 or any tax form from the attorney who handled the transaction.
What number should I enter as the BUSINESS INCOME of the LLC?
Thank you very much for your help.
