I bought a house to renovate and sell in 2024. I had to send 1099s to a couple workers (landscaper, drywaller, etc) who were not incorporated.
If we issued a 1099 in 2024 but haven't sold the house yet, do we list the amount the 1099 was issued for anywhere on the 2024 taxes or do we wait until we sell it and add it to the cost basis?
I am a RE Investor, not Dealer in a 2 member LLC filing a form 1065.
Thank you.
Thank you.
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