I flipped a house in 2018. Quickbooks says I owe over 8k taxes on it. When I import that into Turbo tax with my regular income i says i owe much much less.

I made 27k profit from a house flip in 2018. My tax burden according to quickbooks is over 8k. When I shoot that over to turbotax and add the 100k my wife and I made as teachers in 2018 It calculates that I owe nothing? 

Answer

Hi there jimmurray41,

QuickBooks Self-Employed calculates your taxes based on schedule C and any business income you enter for calculation purposes.

So the profit you have from the house flip as your self-employed business should be set as your business income which increases the taxes and not decreases. Then the salary from you and your wife’s teaching job should be categorized as Personal income.

I suggest you take a look with your transactions and check if it was categorized accordingly. For help about this, you can get in touch with our Customer Care Team. They have the tools to directly pull-up your account and check to see what’s causing this to happen.

To get in touch with a specialist, here’s how:

  1. Log in to your QBSE account.
  2. Click the Assistant button.
  3. Type in “Talk to a human”
  4. Choose your desired method Chat with an agent or Get email support.

I'm available here every time you need further help. Wishing you all the best!

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IntuitGlenn , Community Support Specialist
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