My Brandon, Florida CPA firm provides expert accounting services and tax preparation for individuals, businesses and non-profit organizations at reasonable rates. I strive to sweat the details so that my clients don't have to. Email me at cpapennewell@verizon.net My CPA firm is based out of Brandon FL 33511 but is not limited to the Brandon area. If you need tax preparation, accounting services or advice, this CPA can help! Call me at (813)657-4137 or email at: cpapennewell@verizon.net
Good client of mine is flipping a house and it is still being worked on at year end. Tax treatment is to put the unsold house in inventory and NOT to depreciate any of the house.
Either way, if you flip houses that is ordinary income. The flips are inventory and tax is owed on the gain as they are sold. Flips are NOT held as rentals so you don't get any benefits of depreciation.
posted by Nick Pennewell, CPA at 5:36 PM
I am well versed in the studies of accounting and finance. I have a degree in Accounting from Florida Southern College and also a degree in Finance from the Florida State University.
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