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Principal Product/service

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  • Sunday, April 11, 2004 @ 04:25 PM EDT
  • 2 Comments
My wife and I are filling out our first 1065. We rehabbed a property which we sold in 2003. On form 1065 near the top there is: A. Principal business activityB. Principal product/serviceC. Business Code Number I filled in A. Real Estate B. ??? C. 531390 (Other activities related to real estate) How did I do on A and C? What do I write for B? I want to be accurate and truthful without raising any red flags. Is it important to keep this consistent year-to-year? I was thinking I shouldn't just write "rehabbing" because we may purchase an investment property for renting out this year. Thanks much, Brian Minneapolis ps. I can't get too longwinded--my tax software gives me 10 characters to fill in the blank :-) [ Edited by investorB on Date 04/11/2004 ]
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  • InActive_Account
    InActive_Account11th April, 2004
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    Brian,On B I would just put real estate again since this is your main product. Without real estate we cannot rehab or rent properties.

  • investorB
    investorB11th April, 2004
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    Thanks, Michael.

    Curious what others suggest here?

    Brian

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