My friend and I buy and sell properties together. Can we do this as a joint venture and report the results on our separate Schedule Cs? (S.G., San Antonio, Texas)
No. Because you are buying and selling properties as a business venture (often called a dealer activity), you are in business and have a partnership for tax purposes. You may or may not want to operate as a partnership. You might, for example, consider the S corporation. ... Log in to view full article.