Principal Product/service
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 activity
B. Principal product/service
C. 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 ]
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.
Thanks, Michael.
Curious what others suggest here?
Brian