Tips on Property Investment|The Best Investment Properties Advice
Jan
02
ajax3503 asked:
I bought a fixer-upper. I never lived in it or rented it. I made many improvements and repairs to the property. I also incurred expenses when I sold the property about 8 months later. Where do I report the expenses and gains from the sale on my income taxes?
Laura
I bought a fixer-upper. I never lived in it or rented it. I made many improvements and repairs to the property. I also incurred expenses when I sold the property about 8 months later. Where do I report the expenses and gains from the sale on my income taxes?
Laura
Comments
RUSerious on 5 January, 2009 at 6:05 pm #
On schedule D, either as a long term investment or as a short term investment.
Long term is anything owned for at least one year and one day.
If owned for a shorter period of time, then it is considered short term.
v b on 6 January, 2009 at 8:42 pm #
And if you do it more than once, it’s actually schedule C income.
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