I am a single member LLC (a non-entity). I bought a house in 2014 to flip because I watched too much Flip or Flop on HGTV. I never lived in the house. In Jan 2019 I put the house in service and rented out what was partially finished. I took it out of service the end of March 2023. I finally finished the house and sold it in March 2024.
1. I took the house out of QBI for an unknown reason (mistake?) in 2022. It was rented but didn't make a profit. Should I file an amended return for 2022 and put it back in QBI? I would have to pay $192 for 2022 but that's okay as I'm not trying to evade taxes.
2. In 2023, rented the same portion of the property a few months then took out of service. It lost money again. I spent the rest of the year finishing it to sell. Does the property qualify as a QBI? I am thinking it's not.
3. After the house was out of service but being finished for the remaining 9 months of 2023, what type of deduction do the following things qualify for, Cost Basis, Selling Expense, or no deduction at all anywhere? I find conflicting info online.
a. Taxes (9 months)
b. Interest (9 months)
c. Plowing (only once)
d. Security system monitoring (9 months)
e. Vehicle expense (9 months)
Thank you.
