How Do I Report Gains From The Sale Of An Investment Property I Rehabbed And Flipped?
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?
Category: property
And if you do it more than once, it’s actually schedule C income.
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.