Dealer versus Investor Transaction
My son is a member of a multi member LLC who flipped a house in 2017. All of the members are full time firemen who did only one flip in 2017. So it would seem appropriate to treat the transaction as non dealer and as classify the sale as capital gain. What form is used in conjunction with form 1065 to report the gain? Schedule D is obvious but should form 4797 be used and/or 8949?
Thank you so much for your questions Steve. Since this is a specific question, I won’t be able to give you tax advice, but I would recommend consulting with a CPA or your tax professional.
All the best,
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